JWCA:TSXV - James E Wagner Cultivation: after breaking down from the 80c range it was trading in for a couple weeks JWCA has so far found support just above a previous consolidation zone from mid January. watching for a move up above 76c and 80c as potential confirmation. The MJ sector is currently weak still and despite positive news today from their JWC2 facility, it was not able to hold any gains. Price action remains stuck under the 50dma & 200dma, with a potential death cross coming this week on the two averages. While these indicators are not in a bullish setup, I remain long term bullish on the stock.
Near term catalysts: first harvest from phase 1 JWC2 facility which will represent their first harvest for recreational use greatly expanding revenue. Just announced JULY 2 that they doubled the capacity at JWC2, with the next phase getting licensed from Health Canada and will be into production ASAP. My opinion is this little LP has some great IP in their Growth Storm Technology as well as great quality cannabis and is significantly under valued relative to peers on a capacity basis yet which tend to have lesser quality cannabis.
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broke down through the supports dow not 65c however they did receive their oils license after hours Friday, which could help persuade a reversal. More and more buzz about MJ putting in a bottom, We have now come very close to a 50% correction from the 2019 high.
Anonymous seller continues to add selling pressure here. Pushing the price down with little volume. Mid 60’s May be a okay spot for a small starter position. See if it continues downward, now looking at a potential gap fill down to 55c or if it finds support at the next support level of 63c. Either way stock has decent long term upside by continued growth or buyout
DACapitalTrading
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Nice analysis, great view! Leave us a like aswell mate :)
justin_paul
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@DACapitalTrading, thanks appreciate it :) Seems however selling pressure is not done with yet as that 69c support was lost.