Looks like we might have a bounce followed by consolidation.
Comment:
So we closed above .92 cents on Friday. That is a great sign. RSI almost hit oversold, so might drop 5-7 cents on Monday and then trend up back to $1. We want to see a close at $1 with no gaps. If we start higher than $1 on Monday. This might pull back at open or in the near future. To have this stock actually keep good momentum we need small changes in prices that are stable, we need more volume on Monday if this goes to .85 cents. and climbs up.
Comment:
This week if the stock does't drop more we would benefit from some consolidation around .9 that will create some good support and hopefully make this gradually make higher highs.
Comment:
The biggest catalyst that hasn't been mentioned too much in detail is, SNDL and banking
"Sundial announced that it had formed a joint venture with SAF Group. SAF, based out of Alberta, Canada, is an alternative asset manager. Previously, it has done work in a range industries, putting more than $2 billion capital to work across dozens of deals. Sundial agreed to partner with SAF for making investments in marijuana through a vehicle called SunStream Bancorp."
https://investorplace(DOT)com/2021/05/sundial-growers-banking-move-could-be-game-changer-the-pot-stock-needs/
This venture with SAF Group seems promising, a look at their stock seems to show its as good as Chase a few years ago
"Sundial announced that it had formed a joint venture with SAF Group. SAF, based out of Alberta, Canada, is an alternative asset manager. Previously, it has done work in a range industries, putting more than $2 billion capital to work across dozens of deals. Sundial agreed to partner with SAF for making investments in marijuana through a vehicle called SunStream Bancorp."
https://investorplace(DOT)com/2021/05/sundial-growers-banking-move-could-be-game-changer-the-pot-stock-needs/
This venture with SAF Group seems promising, a look at their stock seems to show its as good as Chase a few years ago
Comment:
Bounced back real nice, support level at .88-93 seems to be a good sign. hit that $1, don't be scared if it retraces the .95 or .9 before closing today at .98 or higher. Watch out for a spike in after market. If there is a spike to 1.3, we might dip down tomorrow morning. Will try to update after 6pm tonight. Good luck
Comment:
We have done it! Broken past the $1. We might retest the $1 support in the near future but this stock is bullish. If you aren't sure about the stock, zoom out and you can see .15 .25 .45 .65 .98 have all been tested and confirmed as supports and have not touched those prices. Could this stock go down of course but with legislation being passed in more states here in the USA, it is only a matter of time before an acquisition or merger is announced an this breaks with new investors looking for a cheap weed stock to get into. I am personally going to hold. long term but I do see $3-3.5 coming maybe by the end of summer. If WSB gets in then maybe in the next weeks.
Comment:
meant .88 not .98