Sundial (NASDAQ: SNDL) shares have been in a downtrend ever since its high of $3.60 in February, they have fallen by over 80% since then, however, after showing signs of slowing down is the much-awaited reversal finally here?
Let’s take a look at this year’s charts to get a better idea.
Sundial has been making lower lows since February however it is showing signs of slowing down.$0.75 is a strong resistance for Sundial and it got rejected on Thursday however it lost the day gains of 12% during the early trading hours and ended closing 2.72% higher.The resistance zone is a very strong resistance thus any long entries should be avoided until sundial is able to break through the zone.Sundial has formed a bullish divergence in October and an up move could be expected soon.If sundial falls below $0.62, long entries should be avoided as it is very weak below $0.62.If Sundial is able to sustain above $0.75, the $1 mark should be achieved in the coming weeks.Sundial has already tried breaking out of the $0.75 level on multiple occasions and it may only be a matter of time until a breakout is seen.A long entry can be taken once $0.75 is crossed with targets of $1 followed by $1.26.
Conclusion
Sundial is hinting towards a reversal however investors need to be patient and have to wait for the $0.75 mark to be passed as an early entry could be risky. Sundial could hit $1 in the coming weeks if it breaks out and sustains the $0.75 supply zone.
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