I've been calling this for months, I like it as an investment, I recommend getting into stock investments such as this 10-20 percent at a time over the course of months, accumulating a position, mimicking the style of large operators, and holding at least a year for tax purposes. This market is highly discounted and has plenty of upside potential, if you check the dates of my first post you'll see I was buying before Pfizer invested 8 billion into the MJ market the following week.
Quarterly: - Nice Doji at the bottom of the implied range. - This quarter closes in less than a week.
Monthly: - Two candle reversal with the market failing to close below $11.00 per share for the last 3 months its been within range. - Next Thursday closes this months candle.
Weekly: - Momentum divergence. - Broken previous swing highs, closed above previous swing as well, indicating at minimum a weakening in selling pressure.
Daily: - Broke back above multiple resistance levels in the short term.
If this thing goes down to $3 or $4, it may be time to take a position. Marijuana is only going to grow.
MichaelBee
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@SugarMuffin You called it for growth in this green sector as big businesses invest and negative stigmas are fade.
dRends35
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Oh I see you've been buying weed a while...
Chad_McDeid
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@dRends35, been cheap for a while, had another guy telling me this was a bad play too because he also was a wanna be day trader talking about gamma and beta on options contracts looking at robinhood. a week after I posted my original cannabis post, Pfizer dropped 7 billion in the market. he didnt have anything to say after that. I actually added to my cannabis holdings yesterday using the potx etf.
Chad_McDeid
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@dRends35, this is an investment, playing it very differently than the position trades in the currency market.
dRends35
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@Chad_McDeid, Fair enough. I'll be waiting for lower prices.