Maryjane? Lets smoke a joint? This isn't that kind of company where it goes to the consumer for recreation but something different yet similar. This is a company that buys real estate that grows medical use canabis. The reason this came up on my radar is because of the insane sales and earnings over the past year as shown below.
There is an optimal risk and reward ratio that is happening in the coming week. The price is going though a consolidation phase in a flat base with a base of 14%. This is an very rough flat base because it has poked its head above it once in the 3rd week but overall it is following the pattern of hugging the 10WMA. So that means if the 10WMA is undercut on a weekly basis then it is a sell signal and if 126.2 is passed it is a buy signal. The overall risk is about 8% since is pushing the 7% loss. The expectation is to consolidate one more week (this week) then next week it'll breakout past the 126.2 buy zone. Time will tell. Also if you take a look at the daily chart the triangle have lesson, which is my script for 7% down days. This have lesson on the right side of the base, which is a positive development for the stocks.
As always be wary of the current market envirorment since it is still bullish but defensive action might be warranted.
Trade closed: stop reached
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Below average volume on weekly chart and price closed below target at 125.31. Overall loss of .08%.
@psbassin, right now I am watching for price to close above 126.2 on Friday. If it doesn't, there is little excitement even though it has triple digits sales and earnings