RE:RE:RE:Steve First, tonight's breaking news...
https://www.bnnbloomberg.ca/aphria-tilray-said-to-be-in-advanced-talks-to-combine-in-blockbuster-pot-deal-1.1536917
This is huge folks. Industry consolidation underway....cream separating from crapp next few quarters.
Now to respond-
Ok, I should have specified, sup/res lvls being tight meaning too close together (not strong/weak). After .31's they start separating by bigger spreads, meaning more opp for bigger % trades, providing liquidity is there.
L2 is not a component of TA, so pretty meaningless to me unless I'm about to put in a market order. It is NOT an indication of support/resistance, but merely to help retail know how much they can trade before moving the price for a
market order.
That's why when trades go through for 100k+ sometimes L2 hardly changes beyond the last price point. Bigger buyers & sellers match up their orders behind the scenes and put the trades through an exchange at the agreed price. They don't tip their hands to the world.
I see .20 as the closest support, so need to see how it does there. I do see it as relatively stronger support (based on historical volume traded at .20, NOT L2).
If .20 fails, the next sup down is .175, but since that's from '17 I don't know how relevent it is now. Regardless, I would wait for the next uptrend signal at that point.
Moetown1 wrote: Steve said "Support/resistance levels are pretty tight down here due to the recent downtrend"
what exactly do you mean by that? As in its strong? If so how do you judge that because when I see L2 I see barely any support. If anything there was 5-600k shares at .225 the other day taken out. So when I see 170-250k at .21, a little at .205 and .20 then nothing really below, I don't see that as strong support.
do you see this bleeding down further?