Looking between 3 and 2.65 as entry if we get there before trend reversal.
ITHUF has dropped about 51% in about 3 months and about 42% since the 23rd of April.
Related to miss on 5/30/19 (appears to be the reason for this leg down):
"The company reported Q1 revenue of $9.6 million, a huge 4,166.7% jump from the $225,000 reported in the prior-year period. This total also reflected a 384% quarter-over-quarter increase, and iAnthus easily topped the average analysts' Q1 revenue estimate of $2.78 million.
iAnthus posted a GAAP net loss in the first quarter of $18.3 million, or $0.15 per share. This was much worse than the $645,000, or $0.01 per share, reported in the prior-year period. It also missed the average analysts' estimate of a loss of $0.07 per share.
However, the company's adjusted EBITDA trended in a positive direction. iAnthus announced an adjusted EBITDA loss of $5.1 million in Q1. This reflected an improvement from the adjusted EBITDA loss of $6.5 million reported in the prior quarter."
"Significantly higher spending. The company increased its head count with the MPX acquisition. It's also done a lot of internal hiring."
Company is growing fast and should be announcing new "Be" store opening in NY in "Fall."
Just hired some big players to operations, marketing and legal.
This would be a longer-term swing. Perhaps a qtr or more depending on the momentum of the move up when it comes. is 20 on the daily (lower now) and 30 on the weekly. Medium risk trade but the sector as a whole has been pulling back so I feel that a negative surprise with overall sector weakness might be providing an optimal entry in the very near future.
Not financial advice as I don’t have the proper certifications to provide you with that.
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I was considering making my first YouTube video explanation of this chart and the logic behind this idea... Please comment below if you would watch me explain this chart / trade in my own opinion.
Again, this is a longer term play and I am prepared to make multiple entries if the opportunity presents itself.
We are testing if we can break the 12 and 26 EMA on the 4 hr which has been resistance all the way down. We did break in once on the way down. The break was met with a harsh rejection so hopefully Monday brings green as 4 should turn into strong support.
Set up looks quite good for continuation now. I have not made a second entry but I wish I had bought more at 2.99 when I saw it.
The 15 min is right