CRON formed a high two bull flag which triggered last week. Instead of resuming the bull trend, prices are continuing lower. There is a bear gap which is still open at $17.80. There has been some decent selling pressure over the past 8 or so weeks with very little buying pressure since the parabolic wedge reversal. The bears will likely get a larger second leg down before the bulls resume buying. If the bears are able to fill all of the bull gaps from the January rally, it will increase the likelihood of a transition into a trading range and test of the $7 tight trading range.
