Trading in shares of Cronos Group (CRON) - Get Report  lacked volatility Tuesday, perhaps not what investors would have expected after the company reported its third-quarter results.

Shares were up about 1.8% in early trading, but are now down about 2% as bulls continue to search for upside while holding a notable level of support. Holding that support level puts the stock in a very precarious position.

Below opens it up to more downside and thrusts shares into no man's land. If support holds and Cronos stock can push through resistance, bulls could ignite a rally. It's the ultimate make-or-break setup in a chart.

Unfortunately though, the cannabis space has been in a painful funk for most of 2019. That goes for Canopy Growth (CGC) - Get Report , Aurora Cannabis (ACB) - Get Report , Cronos and others. Making things even more difficult are the financials and valuations.

Many of these stocks command market caps in the billions, but the current financials do not support these valuations based on traditional metrics. For instance, Cronos Group has a market cap of $2.7 billion, but reported third-quarter revenue of just C$12.7 million. While that was up more than 230% year over year, investors are having trouble gauging these stocks.

Because the fundamentals are so tough to navigate for these stocks, traders must lean on the technicals more so than usual. With that in mind, let's look at the chart.

Trading Cronos Stock

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Ironically, Cronos stock was carving out a bottom in November 2018 near $7.50. A few months later, in February, shares were trading at more than $24. We've now come full circle, with shares back down near last year's lows.

Further, shares have been making a vicious series of lower highs as more and more support levels continue to give way.

Over the past month the stock has been buoyed by the $7.50 to $8 area. In terms of importance, this level is a big one. In regards to the "make-or-break" concept, this support level is most certainly the latter. Below it and CRON stock could be in trouble.

However, the "make" comes into play if shares are able to hurdle a few key areas of resistance. Its latest downtrend has been in play since August and is shown on the chart via a blue line. Conveniently, the 50-day moving average is also just above downtrend resistance, which has twice been a huge barrier of resistance. The make portion of this make-or-break trade comes with a close over this mark.

CRON needs to prove that it can reclaim key levels and hurdle notable resistance marks before bulls can trust it on the long side. The short version of this setup goes like this: A close below $7.50 -- the break -- is bearish, while a close over the 50-day -- the make -- is bullish.

This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.