#SNDL - Rounding bottom and huge H&S in Weekly TF
After sharing my vision of SNDL in the short term, through an analysis of H1 chart, I would like to share my long term vision, using a weekly chart.
After IPO in Aug 2019 (13$) there's been a lot of diluition of shares which brought the prices down to 0.2$. During this huge drop, the prices reacted on Jan 2020, reaching 3.9$ and creating the left shoulder. After that prices dropped again reaching the bottom and they reacted again in Feb 2021, re-testing again the neckline that was created one year before.
In my opinion the price is now forming the right shoulder before attacking again the neckline for the third time, completing the H&S formation. This might take 1-2 years the latest - in my opinion - and once prices are there we could see a strong brekut of the neckline pushing the prices up to the 0.382 Fibo level and 0.5 Fibo Level a 6.69$.
Moreover, from the chart is pretty visible how the price is forming a reversal bottom which gives us a strong indication that buyers want to take this out from this stagnant price levels.
So this title will not payback immediately and we need to patient.
After IPO in Aug 2019 (13$) there's been a lot of diluition of shares which brought the prices down to 0.2$. During this huge drop, the prices reacted on Jan 2020, reaching 3.9$ and creating the left shoulder. After that prices dropped again reaching the bottom and they reacted again in Feb 2021, re-testing again the neckline that was created one year before.
In my opinion the price is now forming the right shoulder before attacking again the neckline for the third time, completing the H&S formation. This might take 1-2 years the latest - in my opinion - and once prices are there we could see a strong brekut of the neckline pushing the prices up to the 0.382 Fibo level and 0.5 Fibo Level a 6.69$.
Moreover, from the chart is pretty visible how the price is forming a reversal bottom which gives us a strong indication that buyers want to take this out from this stagnant price levels.
So this title will not payback immediately and we need to patient.
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