CYBN trade ideas
Waiting for a healthy marketCompared to some of my other small caps, this isn't doing as terrible in this market turmoil. It's been mostly sideways bouncing off oversold on the daily for over a month now, still in the descending wedge but it's not showing any strength yet and lost a short term support at $1.10 I was watching. Next support seems to be $1. RSI on the weekly is not oversold yet. I have a neutral to bearish short term outlook overall on the economy and market, but long term, a few years out I am still bullish on this and it's potential. Just look at all the additional people suffering from mental issues and addiction with this pandemic this could help. This latest Covid surge has to be peaking soon so maybe once that dies off, the market and this will start looking healthier.
CYBN - Mushrooms; Nixon Delayed the InevitableOne of PSYK's holdings, young industry with a growing addressable market.
Big pharma has not only failed to help humans who suffer depression, PTSD, drug abuse, etc. but in some ways made the situation worse.
Psychedelics are widely misunderstood and I believe they can offer solutions under proper conditions and in a therapeutic manner.
Barriers to entry is approval to perform R&D from the U.S. Drug Enforcement Agency and states to legalize it.
Currently Legal in Oregon, California was put on hold until Jan 2022, working group to study medical use in Texas and 13 states in active legislation. The momentum seems positive and I do no see Biden going against the grain as big pharma has clearly failed and would take anything right now.
Some bullish news fresh today could cause the breakout in the positive direction for shareholders.
TORONTO — Cybin Inc., a biopharmaceutical company focused on progressing “Psychedelics to Therapeutics TM ”, today announced that the Company has been granted a Schedule I manufacturing license from the U.S. Drug Enforcement Agency (“DEA”). The DEA license is a federal requirement for any investigators who intend to study, produce, analyze or otherwise work with Schedule I controlled substances.
financialpost.com
Heat map of Psychedelics Legalization
psilocybinalpha.com
Bullish descending wedge formedAs you can see we have formed a bullish descending wedge. RSI went oversold and is recovering now. Price is flattening and MACD is about to cross over. I think we go to test the downtrend by EOY. If we get rejected, re-test and breakout may come 1Q 2022. PT $4+ Lots of advancements coming out in the sector and by Cybin!
$cybn daily hammer Id like to see this hit $2.00 again (this weeks high) and then move above the volume shelf and break above previous weeks high of $2.35.
Cybin (CYBN) will be breaking a trend line in the next weekThey keep dropping news every few days and they've been one of the few in this sector that had a positive trend over this past summer, so carefully optimistic if would break the up trend in the next week, but will wait to see a clear breakout signal with increasing daily volume. Do you DD!
CYBIN on the watch listKeeping a close eye on CYBIN as it's been progressing nicely since March while the entire market has been pressured down. Will watch for a bounce on the lower trend with increasing volume and MACD reversal before adding more to my position (current position average of 1.36).
Cybin Ponzied - Valuation Matters - Epic EconomicsGems are out there. Psychedelics and Cannabis have a huge future. A saturated & hyperinflated market make it harder to find the gems.
FUNDAMENTALS.
#cannabisreform
#jobsandjustice
#thegem
**SAFE Banking added to National Defense Authorization ACT.
CYBN Day trade/swing trade potential. US markets are closed, this may get some attention.
Insane volume last Friday that drove the price higher.
This would be a break out based trade.
Im buying a break above 2.50 on a day trade basis, a trade which may turn into a swing trade if volume and movement is favourable.
