Home
News
- 1 SNDL stock price surges 11% and breaks out of the 200-day EMA.
- 2 The prices of SNDL stock break out of the $2.00 level with a high buying volume.
- 3 SNDL Inc. stock price sustains above the 50-day and 200-day EMA.
SNDL stock price surged approximately 11% in a previous session and broke out of the $2.00 hurdle level. It formed a bullish marubozu candle and showed signs of a bullish trend reversal.
SNDL Inc. stock witnessed a massive spike in buying volume and prices also followed the same direction. It shows some big players might have injected money in expectation of more upward momentum.
SNDL share price took support near $1.50 and witnessed strong buying from the lower levels. Later, prices began to rise by forming higher highs and rallied 45% in a short span of time.
SNDL stock price sustains above the 50-day EMA and also breaks out of the 200-day EMA. It indicates bulls are returning back to track and an upside is possible. The recent up move looks reliable but investors need to be careful because speculators are also active.
On the higher side, $2.50 will act as an immediate hurdle for bulls. So, volatility in the stock might increase and profit booking may also trigger.
SNDL share price closed the previous session at $2.18 with an intraday rise of 11.79%. The market capitalization stands at $567.89 Million.
SNDL Stock Price is in the Initial Phase of Rally
SNDL stock price is in a recovery phase and bulls seem more active as compared to sellers. The broader market indices are also recovering from the low which improves the market sentiment. It positively impacts the prices of mid-cap and small-cap stocks.
Till the SNDL share price sustains above $1.50, it is expected to remain in the bulls’ grip. The next phase of rally in the stock will come when buyers are able to break the 2.50 hurdle.
On the other hand, if the price faces rejection and drops below both the EMA, then the up move will be considered as a trap.
SNDL Stock Price Formed Three White Soldiers Pattern
SNDL stock price formed 3 white soldiers patterns on the weekly time frame. It further boosted the confidence of investors and gained more investor participation.
SNDL shares turned bullish on the multiple time frame. However, it will be interesting to see whether the buyers are able to hold the higher levels or not.
The MACD curve generated a fresh positive crossover indicating bullishness. The RSI at 71 denotes overbought territory so minor correction may be triggered anytime.
Conclusion
SNDL stock price surged 11% in the previous session and formed a bullish reversal pattern. The recent breakout looks reliable and more upward momentum is possible. The technical analysis shows that the SNDL shares are in bulls’ grip and more rally is pending.
Technical Levels
- Resistance levels: $2.50 and $3.00
- Support levels: $1.50 and $1.25
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
