Technical outlook – In today’s source of information, there appears to be so much knowledge out there, and many opportunities that may get obstructed, or just too complicated!
When it comes to investing, the first thing that we do is to evaluate the broader-term pattern, and then bring it into the shorter period.
The best way to assess plausible theories is to test them (right?).
With technical analysis, we believe in keeping things simple, following the approach about the price action, which indicators you use, not deviate, and stick to them.
Viewing the potential strength to the daily pattern of THC Global Group Limited, the two technical indicators, the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) have both strengthened after last week’s posted bullish outside range day.
An outside reversal is also known as either a bullish engulfing Japanese candle which is an important but simple chart pattern that any trader can identify as a means of spotting reversal pressure.
Let’s take a more detailed look at outside days.
Simply put, an outside day pattern consists of two candlesticks and is an easy to recognise chart pattern.
The size of the candlestick is not that important, but it should not be a Doji.
The Japanese candlestick pattern consists of an open and a close that creates a range that’s above and below the previous day’s open/close range, and a higher high AND a lower low on the second day compared to the first bar.
It is envisaged prices clearing $0.26 should ignite further momentum and expect a bull-run towards a foreseeable target of $0.41. Reassess from there, with the support viewed form $0.20.
Company Overview – THC Global Group Limited (THC, The Hydroponics Company Limited) is a diversified global cannabis company with primary operations in Australia and Canada.
THC Global own and operate end to end commercial medicinal cannabis production facilities under Australia’s cannabis regulations.
THC Global also owns and operates a turnkey cultivation solutions provider, including a hydroponics equipment and supplies wholesaler and retailer servicing the rapidly expanding cannabis sectors in North America and Europe.
Former Names: The Hydroponics Company Limited (THC), 21/11/2018.