Potential Buying Opportunity in WEED.TO

٢٣ نوفمبر ٢٠١٨

Price has fallen to a rising trendline and is consolidating after a false drop below a prior low.

IF (and only IF) it breaks higher out of the consolidation is this a potential long trade.

I like the consolidation because it allows for well-defined risk control, with a stop loss placed below the consolidation or recent low.

I also like that the Nov 20 low just barely eclipsed the Oct 30 low, and then quickly rebounded. In a long-term uptrend I like to that start of action in pullbacks, as it indicates the pullback may be near completion.

Still need to wait for a pop higher before I consider entering, though.

Disclosure: no position yet, but a potential setup.