I know SNDL is still living in Reddit/Meme territory, but there are also some very solid technical analysis (TA) indicators that could mean we're in for another push.
Chart above has call outs for major points of consideration, but will recap here as well:
- Each push that SNDL has made, comes back to the .618 retracement line (which is a pretty sizable pull back).
- The most recent push has already made that pull back.
- We have touched the 50 day moving average and the long term support line .
- Each time in the past the 50 day moving average and support line have been touch there's a big push that follows
The only caution I see here is the overbought position on the Stochastic RSI (1 day candles). We could see a drop in the next day or two, but I don't see that impacting the over all trend. It could be another test/tap on the support line before a big push.
Lots to consider here, but it feels like we have some pretty strong bullish signs for SNDL in the coming weeks.
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Stochastic RSI once again comes through on the one day candles. Big drop today, but have not broken the pattern of support. If we're heading back to the support line or the 50 day... the will be the big test of the larger trend...
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Trying to stay positive here guys. SNDL dropped (as Stock RSI indicated it might)... BUT... if the support line holds... we could be setting up for a very nice double bottom!
Keep an eye.
Keep an eye.