broke out of its massive 10-month downtrend/wedge a week or so ago and is doing some nice "run, consolidate, run, consolidate" action with a strong and consistent push higher. It is now approaching another key breakout point: the $0.0615 to $0.0630 zone of resistance. If it can breach and hold that, it has a big gap of blue skies without resistance and very little volume
all the way to the $0.082-$0.09 range which was the top of the last run. (There was actually very little volume
up there either, for what it's worth.) Once it breaches that third and final resistance at the $0.09 top of the last MJ season, I expect at least $0.15 for this upcoming MJ season based on an ascending trend line
of each MJ season going higher on SIPC
. See this chart:
is one of those quality names (like KGKG
) that never does a full retrace (much less put in lower lows) between MJ seasons, but rather keeps stair stepping up. This not only indicates a quality company, but also from a purely technical perspective, it eliminates a large chunk of bagholders from holding back the stock for the next MJ season. I also like that the accumulation has remained very high throughout.