Is TNY trading in a Ascending Triangle.Possibly a Symmetrical Triangle as well & coincidently upon breakout would negate the descending triangle pattern which started roughly Nov 19th 2019.
Key Takeaways
Symmetrical triangles occur when a security's price is consolidating in a way that generates two converging trend lines with similar slopes.
The breakout or breakdown targets for a symmetrical triangle is equal to the distance between the initial high and low applied to the breakout or breakdown point.
Many traders use symmetrical triangles in conjunction with other forms of technical analysis that act as a confirmation.
Ascending Triangle Key Takeaways
The trendlines of a triangle need to run along at least two swing highs and two swing lows.
Ascending triangles are considered a continuation pattern, as the price will typically breakout of the triangle in the price direction prevailing before the triangle. Although, this won't always occur. A breakout in any direction is noteworthy.
A profit target is calculated by taking the height of the triangle, at its thickest point, and adding or subtracting that to/from the breakout point.
TNY is also trading in what's called a Triple Bottom pattern with the first bottom starting roughly Oct 23rd 2019 where I have the red finger pointing right.
Key Takeaways
A triple bottom is a visual pattern that shows the buyers (bulls) taking control of the price action from the sellers (bears).
A triple bottom is generally seen as three roughly equal lows bouncing off support followed by the price action breaching resistance.
The formation of triple bottom is seen as an opportunity to enter a bullish position.
The triple bottom is similar to the double bottom chart pattern and may also look like ascending or descending triangles. Traders always look for confirmation of a triple bottom using other technical indicators or chart patterns. For example, traders might note that the stock has an oversold relative strength index ( RSI ) before a double bottom forms and/or look for a breakout to confirm that it's a triple bottom rather than a descending triangle or other bearish pattern .
The MA50&200 are the black lines, plus the 200 Day MA is black as well. TNY is trading between the MA50&200 at the moment. Roughly 48% away from the 200 Day MA, which is better than most cannabis related stocks.
TNY
Is TNYBF trading in a Ascending Triangle?We've had the highest volume on the U.S side this year recently, along with the highest short on TNYBF on Dec 24th with 100% of the trades short, keep in mind it's not uncommon to see over 50% of TNYBF short, TNY on the CSE usually trades much higher volume, which is the Canadian ticker symbol.
Anyway, this recent move has put TNYBF over the MA50&200, and it also appears like we're trading in a Ascending Triangle.
Key Takeaways
The trendlines of a triangle need to run along at least two swing highs and two swing lows.
Ascending triangles are considered a continuation pattern, as the price will typically breakout of the triangle in the price direction prevailing before the triangle. Although, this won't always occur. A breakout in any direction is noteworthy.
A long trade is taken if the price breaks above the top of the pattern.
A short trade is taken if the price breaks below the lower trendline.
A stop loss is typically placed just outside the pattern on the opposite side from the breakout.
A profit target is calculated by taking the height of the triangle, at its thickest point, and adding or subtracting that to/from the breakout point.
Is TNY trading in a Bull Flag or Symmetrical Triangle?Bullish flag formations are found in stocks with strong uptrends. They are called bull flags because the pattern resembles a flag on a pole. The pole is the result of a vertical rise in a stock and the flag results from a period of consolidation. The flag can be a horizontal rectangle, but is also often angled down away from the prevailing trend. Another variant is called a bullish pennant, in which the consolidation takes the form of a symmetrical triangle. The shape of the flag is not as important as the underlying psychology behind the pattern. Basically, despite a strong vertical rally, the stock refuses to drop appreciably, as bulls snap up any shares they can get. The breakout from a flag often results in a powerful move higher, measuring the length of the prior flag pole.
It is important to note that these patterns work the same in reverse & are known as bear flags & bear pennants, but the bullish volume recently indicates that it's unlikely to result in a bearish outcome...
Only time will tell, and when it comes to Tinley Beverages, "My favorite time frame for holding a stock is forever."
Warren Buffett
On a Macro level Tinley has held their share price impressively well comparable to "any cannabis related stock" over the past 4 years boasting roughly 523% gains...
On a Micro level we're potentially seeing a trend change from bearish to bullish, indicators that support my narrative is the recent Triple Bottom pattern that's linked to this chart. Also, the increase in buy volume indicates that short sellers are either losing money in their positions to the downside, or they're running short on shares available to short, or they've simply reached their target buy in price...
Keep in mind hopium is a schedule 1 narcotic & has killed many Moon Boys in the cannabis sector during 2019.....
Triple Bottom for TNY?It appears as though $TNY may have formed a triple bottom where I have the red fingers pointing right on the chart.
In my previous post linked to this chart I spoke about the descending triangle & potentially testing .335c, clearly visible on this chart we can see .33c is about exactly where a new double bottom was created, and thus potentially creating the third bottom of a triple bottom. We will need to see continued bullish price action next week & break out of this pattern flush to the upside, maybe create a top at 44c & consolidate sideways before continuing, who knows, only time will tell.....
The RSI appears to be breaking out of a Bull Flag, and on 5 year & 1 year time frame the RSI is fairly low with lots of room to move to the upside, "if we're looking at a longer term trend reversal."
Key Takeaways
A triple bottom is a visual pattern that shows the buyers (bulls) taking control of the price action from the sellers (bears).
A triple bottom is generally seen as three roughly equal lows bouncing off support followed by the price action breaching resistance.
The formation of triple bottom is seen as an opportunity to enter a bullish position.
TNY Update.Tinley appears to be trading in a Ascending Triangle creating a series of "micro" higher lows & higher highs.
The 46c range would be ideal to hold because that's where we created our first "significant" higher high on a micro level that was representative of a potential trend change.
On the RSI we can clearly see higher lows & higher highs forming a Ascending Triangle as well.
Worth noting.
We've seen a double top where I have the two red gavels that coincides with an increase in short positions during this exact time period, but I wouldn't be surprised to see them cover if they didn't already with the pending news of Canadian expansion with two unkown LP's, one Big & one Small, IMO only.
Time will tell per usual.
TNY Update.200 Day MA is only 26% away at the time of posting.
Tinley has broken out of a ascending triangle, look at the rsi as well, very telling of a possible trend reversal after creating lower highs for months consecutive. Now Tinley is creating higher highs & higher lows on a micro level consistently. If we do see a retracement of any sort, I'd like to see 46c hold, which is the top of the ascending triangle, and one of the recent lower highs of the continued downtrend is at that level.
On a smaller time frame & chart attached to this one you can notice a bull flag pattern that broke to the upside as well.
TNY Update. Possible Bull Flag.Unless Tinley breaks above 47c in the next few trading sessions we're basically just looking at another lower high.
There's clearly a possible bull flag pattern that may play out.
The RSI was at an all time low on "all time frames" recently, which is reflective of the aggressive bounce we had in the share price.
On the RSI I've made some notes that may indicate a trend reversal.
On a five day chart I'll post attached to this chart you can notice the RSI bounce off the top of what was once a descending triangle, this may indicate the trend is changing due to old resistance becoming new support.
Time will tell per usual.
TNY Update.Today's move is nice to see everyone, but we're still looking at a lower high on a macro level since Dec 2018.
That may not seem macro to some investors, which is fine, but it's still important to note in regards to charting. All information helps, especially in hindsight when trying to learn new trading methods, I guess I'm speaking for myself.
Anyway, a follow up news release may still be required to prevent the shorts from playing whack a mole.
For a meaningful higher low I'd say the safest area is above the Dec low, and that's where we have a recent lower high as well. If we can get up to 47c in the next few trading sessions it would be a nice V shape recovery.
Time will tell per usual.
TNY Chart.Just a bunch of lower highs since late April / May PP.
Anytime we've tried to get over the 200 Day MA since April, we've been knocked back down like whack a mole.
In order for Tinley to change this trend they're going to need some material news, very simple... Otherwise, it will be a slow bleed down into the single digits, IMO.
Let's not forget that the entire cannabis sector has been bleeding for months on end, and surprisingly TNY has held up nicely in comparison to many other much larger companies... But we can only pat ourselves on the back for so long....
Time will tell per usual
TNY Bull Flag or another Descending Triangle. It looks like Tinley is trading in another descending triangle.
Maybe a bull flag as well, but the no news trend is likely to lead to the descending triangle playing out first.
Time will tell per usual.
TNY Updated Chart.It appears as though TNY has broken out of a descending triangle & through some short term resistance that's been holding the sp down since September 25th.
It would be nice to see Tny form a support at the 50c level & not drop below it. Also, TNY is trading above the MA (9,close) which is bullish. We just need to get the fuck back up to that 200 Day MA. That will really change the trend. We don't want to simply create a lower high, and it would be ideal not to break below 46c.
Time will tell per usual
TNY Updated Chart.It appears as though tny may be trading in a ascending triangle. It's clearly noticable on the rsi as well.
The 30-45 day estimated time frame for Tinley's two canadian LP's is fast approaching. Sunday would be 30 days from the previous news release. A Friday or Monday news release would be likely & timely for some sort of announcement in regards to this topic. Anything else like LBF licensing early or a new product would be left field & unexpected at the moment.
It's worth mentioning that Tinley will be utilizing the standard operating procedures, blueprints and other IP gained during the buildout of their own facility to help its prospective Canadian partners with their own bottling plant buildouts.
In other words, the several years of design, engineering and construction work, enabled by learnings from the real-world sales and market experience that Tinley has gained as a Company through their Phase 1 and Phase 2 facilities, will be given to these two Canadian LP's under some sort of agreement beneficial to both parities.
“With a first-class production and sales team in place, Tinley is well-positioned to help third-party CPG and lifestyle brand owners extend their offer into the growing cannabis beverage market, in the same manner as our team has done for over 100 such brands globally in the cola and wider beverage industry,”
said Ted Zittell, director of the Company.
Time will tell per usual.
TNY Update. RSI is low on a 1 year chart.This is the same chart as my previous, just zoomed out on a 1 year time frame to give a better Macro picture.
What appeared to be a descending triangle on a smaller time frame in the chart linked to this post, still visible on the 1 year chart as well, was exactly that.
Now it appears TNY is getting ready to break through this "potential" Ascending Triangle & create a new higher low! Some news would help, and these are "some" of the "potential" news releases to be expected in the upcoming days, weeks or months ahead.
-LB Licensing
-Nevada Partnership
-Phase 2 equipment moving to Nevada
-Co-packing Clients (2 done, 6 in negotiation, and likely more coming)
-Expansion of LB with new bottling lines because of too many co-packing clients
-Canadian LP partners
Time will tell per usual.
TNY updare.So, since the last time I posted a chart on TNY we were trading in descending triangle that broke to the downside on a "short term time frame." I had mentioned that the pattern could also be a bull flag , but that was not the case.
It is interesting however to see Tinley get back up to the 56c level where there seems to be historic support dating back to Aug 2018.
I can speculate all I want about where the share price may be in the future, but only time will tell per usual.
TNY is trading in an Ascending Triangle.On my chart I have support at roughly 66c & the next resistance at 75c & 86c.
Any material news will break Tinley flush out of this Ascending Triangle into a zone with very little if any resistance until $1.13 CAD.
Time will tell per usual.
Resistance & Support. Ascending Triangle Breakout?The news release from Tinley today was enough to test the resistance level at roughly 85c to 86c, which is the top of an Ascending Triangle!
It would be nice to see Tinley break through this resistance flush tmrw, Friday, or possibly next week & consolidate above the Ascending Triangle.
There's not much resistance until 1.13$ CAD if Tinley can breakout of this Ascending Triangle with volume.
We could be in for a Moon Shot everyone. Tinley appears ready to knock some public MJ Companies looking to enter the "infused beverage space" off of their High Horse!
A LOW in TLT (US Treasuries) looks inplace, target $131Although I am structurally bearish US treasuries, I am bullish for a cyclical pop up to $131 on TLT.
Strong Company in Cannabis Beverage SpaceNot sure what Tinley is going to be doing in the coming months as the cannabis and cannabis beverage sector heat up. We know their products are stellar and their management team is excellent despite some underwhelming financials. Some huge news coming soon with their new bottling facility and Canadian partnership being announced. Midterms and US cannabis reform may also inject some much needed momentum on the US side. Although a 2-year history is nearly meaningless, time will tell if it breaks out as it has done in historical fashion. GLTA
