Cronos (#Cronos) weekly uptrend opportunity based On 1.00 Lot Calculation:
-
Cronos Group Inc is a cannabinoid company based in Toronto, Canada. Cronos is the first pure-play cannabis company to list on NASDAQ. The Company is focused on cannabis research, technology and product development. The products which are for both medical and recreational use are available in Canada, the US, Australia, Germany and more recently in Israel. The company has grown revenue 212% since 2019.
-
EVENT: The U.S. The House of Representatives plans to vote on a bill to federally legalize marijuana for the second time in history this week. The legislation, which would remove cannabis from the list of federally controlled substances and promote social equity in the industry. The last time the MORE Act went to the floor in December 2020, it passed in a 228-164 vote.
-
Marijuana is recreationally legalized in 18 states across the US, while 37 States have legalized it for medical use. Recent reports have suggested that bipartisan congressional lawmakers in the United States want Joe Biden to push the UN and end an international ban on Marijuana.
-
Cronos revealed last week that former CEO and current executive chairman Mike Gorenstein will once again return to helm the company as CEO, president, and chairman effective immediately.
-
Germany, which is highly influential in the European Union, has announced that it will move to legalize Marijuana. Germany is the largest market in Europe.
-
ANALYSTS OPINIONS: Barclays has upgraded Cronos Group with a price target of $5. The Bloomberg Analyst Consensus has an average price target of $4.65. Nasdaq medium target is at $4.49.
-
STOCK PRICE ACTION: Cronos stock price reached a record high of $25.10 in February 2019. Since then the stock price fell 84%, trading at $3.95. To be fully recovered, the stock could increase by around 534%.
Cronos, March 29, 2022
Current Price: 3.80
|
Cronos |
Weekly |
|
Trend direction |
|
|
5.80 |
|
|
5.15 |
|
|
4.65 |
|
|
2.95 |
|
|
2.50 |
|
|
2.15 |
Example of calculation based on weekly trend direction for 1 Lot1
|
Pivot Points |
||||||
|
Profit or loss in $ |
20,000.00 |
13,500.00 |
8,500.00 |
-8,500.00 |
-13,000.00 |
-16,500.00 |
|
Profit or loss in €2 |
18,016.07 |
12,160.85 |
7,656.83 |
-7,656.83 |
-11,710.45 |
-14,863.26 |
|
Profit or loss in £2 |
15,223.25 |
10,275.69 |
6,469.88 |
-6,469.88 |
-9,895.11 |
-12,559.18 |
|
Profit or loss in C$2 |
25,029.20 |
16,894.71 |
10,637.41 |
-10,637.41 |
-16,268.98 |
-20,649.09 |
-
1.00 lot is equivalent of 10,000 units
-
Calculations for exchange rate used as of 14:15(GMT) 29/03/2022
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Client Manager regarding their use.
-
You may wish to consider closing your position in profit, even if it is lower than suggested one
-
Trailing stop technique can protect the profit – Ask your Client Manager for more detail