It bounced hard off $0.98 on the U.S. side in August when it hit its low before the rally and did that again this morning. After it crashed through $1.18 I knew the next stop was near that $1 level. So it seems like that $0.98 level is one to watch, if it goes below that, it could get even bloodier.
It's hitting pretty good resistance right now, but it's simply mirroring OGRMF and CGC. Those are the ones to watch. So, for OGRMF it hit resistance and bounced off of $4 and CGC bounced off of about $38. Both are still very close to those levels. You could argue the same thing happened yesterday and then they were creamed in post-market and pre-market trading. So traders vigorously tried to defend the positions during day trading yesterday, and then got cooked overnight. If OGRMF heads to $3 and CGC heads towards $30, SPRWF could be roasted before it's all done.
For Supreme, it's already corrected 60 percent. CGC has corrected about 35 percent. The entire sector went completely bear market in a week. Points to grossly overinflated valuations and weak positions. Once panic sets in, a vicious cycle can occasionally be formed, causing the values to massively overcorrect. Good luck choosing the bottom. When the rebound happens it might be between 9:30am and 9:45am on a single trading day. Lol. :)
