TGOD daily has now pulled back almost 50% from its recent all time high last month and has been very weak in a sector that's holding up reasonably well. I can only speculate as I am not a fundamentals guy but I attribute this to two things. First, the uncertain future of the greenhouse its constructing in Ancaster, and second the decision Aurura Cannabis faces tomorrow on whether or not to increase their investment.
I would expect the stock to react positively to an increased investment, and negatively to a decision not to increase. Either way tomorrow we should see some volatility.
Daily and 4hr RSI is currently right around historical bounce levels but the hourly is only 28, meaning we could easily see another let to the downside before a bounce occurs.
I see support close by at 5.25 and a band of support between 4.88 - 4.97.
For anybody looking at any stock keep an eye on the market. The correlation of every individual name and sector to the overrall market is real and the market saw an all-out dump today, having now given back over 3 months of gains in the past week.
By the way, I do analysis on the entire sector across all the mj charts I publish. If you're not looking at all the names I talk about, you're not getting the full sector-wide analysis. Follow me to get updates when I publish ideas and pay attention to the mj names you typically don't look at too, so you can stay in the know and get the full picture.
I would expect the stock to react positively to an increased investment, and negatively to a decision not to increase. Either way tomorrow we should see some volatility.
Daily and 4hr RSI is currently right around historical bounce levels but the hourly is only 28, meaning we could easily see another let to the downside before a bounce occurs.
I see support close by at 5.25 and a band of support between 4.88 - 4.97.
For anybody looking at any stock keep an eye on the market. The correlation of every individual name and sector to the overrall market is real and the market saw an all-out dump today, having now given back over 3 months of gains in the past week.
By the way, I do analysis on the entire sector across all the mj charts I publish. If you're not looking at all the names I talk about, you're not getting the full sector-wide analysis. Follow me to get updates when I publish ideas and pay attention to the mj names you typically don't look at too, so you can stay in the know and get the full picture.
Comment:
Aurora has opted not to exercise their option to purchase an additional 8% of the company at below market price so we may see further short term bearish reaction into next week