After a sustained bear trend for cannabis stocks it may be time for at a temporary change in sentiment. The CCI gave a buy signal on November 19th that led to a 50% move to the upside. For those who missed that opportunity here is another setup that could generate some nice profits with minimal risk. Since the upswing took place we have seen a healthy pullback to a current price of $2.50 and as long as $2.35 is respected we could see continuation of the bull move. Keep stops in place for this trade as cannabis stocks can be very volatile.
Entry: $2.50 Target 1: $3.50 Stop Loss: $2.35
Trade closed: stop reached
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Stop loss level breached. We will hunt down a better entry at a lower level.
Comment
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Re-entry signal triggered at $2.15 with a recommended stop-loss beneath the previous swing low.