CGC: Pot stocks likely bottomed, the last of the sellers sold
I think #CGC is being accumulated as it bases sideways here, since most people probably sold after it bottomed recently. As pointed out by @timwest, tax loss harvesting might have played a part in the supply that came to the market recently, which should be over by today.
I'll be accumulating shares gradually here, currently bought a half position before the close today.
A fun fact, I calculated to risk 0.5% of the capital based on 3 times the value of the ATR indicator, which gave me a total of 420 shares per 100k in the account. :p
The long term trend has a failed uptrend that needs to be invalidated here, if it holds up and moves over $25-26 it will be a very interesting play during 2020.
Happy new year everyone!
I'll be accumulating shares gradually here, currently bought a half position before the close today.
A fun fact, I calculated to risk 0.5% of the capital based on 3 times the value of the ATR indicator, which gave me a total of 420 shares per 100k in the account. :p
The long term trend has a failed uptrend that needs to be invalidated here, if it holds up and moves over $25-26 it will be a very interesting play during 2020.
Happy new year everyone!
Comment:
IF #CGC gains traction here, it can move towards 31-50ish within 5 weeks
The $25 handle is a big level, it might slow down there.
Comment:
If #CGC surpasses 26.65 this month it will trigger a monthly trend signal here, reason enough to add even more exposure to it. Upside would extend between 106.15 and 446.05 by Nov 2020 (or sooner) if it holds up over 25.26 from there onwards
