As I explained on my last post. HEXO is a stock I am watching very closely. I have stated on the last post that there may be a death cross coming for the HEXO Stock. Below is picture of what I posted on my last post. I said that the death cross price would be $7.20 per share. Likely around May 13th.
Now. Below is the chart after the markets closed.
As you can see. Just as I have told.
On May 13th 2019, there was a selloff of HEXO shares and it brought down the prices. The death cross happened at $7.22 per share which is a very close number most likely within the margin of error. With the selloff, the stock closed at $6.65.
Here is a very close up of the market activity during the latest few days of trading period.
As you can see there is a spike of volume on the 13th of May and huge selloff. Stock slid to $6.65 per share at the close. It is looking beautiful.
If I was a day or swing trader, I would have shorted this stock before the may 13th or even on the open base off my last post. However, I did not do that and the reason is: My strategy is position trading. I chose to do this strategy only, remember my first post?.
So yeah I got it right. But I am a trader that sticks to my chosen strategy. I must stay disciplined. With position trading, I look for the long term trend on the technical side of my research.
Anyways, I believe that the next potential price action could be another doji pattern formation and another golden cross after.
Yeah you get the idea.
If the doji happen around 21st through 23rd then We will most likely see another golden cross on or about June 6th. Doji pattern formation would be another sign of price action reversal. Of course, the Golden Cross would need to be supported by constant trading volume.
I have not decided on the perfect buy price however. I am debating to myself whether it would be the best for me to buy at the Doji or the Golden Cross.
I must look into that pretty soon I guess!