Are Sundial Growers Shareholders About To Get Burned?

Are Sundial Growers Shareholders About To Get Burned?

There’s a good chance shares of Sundial Growers Inc. SNDL are about to make a big move lower.

A descending triangle pattern has formed on the chart. They usually have bearish implications.

Stock charts should always be viewed in terms of the supply and demand dynamics it illustrates, which are occurring in a given market. A descending triangle shows a market with complacent buyers and aggressive sellers.

Since July 19, the buyers have been content to hang out at the 78-cent level and wait for the sellers to come to them. In the meantime, the sellers have become more aggressive. They've been willing to accept successively lower prices.

This combination of aggressive sellers and complacent buyers could have bearish implications for the stock.

See also: How to Buy Sundial Growers (SNDL) Stock

Posted In: CannabisPenny StocksTechnicalsSmall CapMarketsTrading Ideas

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