Potential set up for Cup and Handle on THCX, still have yet to do my fundamental analysis but based on technicals this could be a good summer play. (If you're into the FIB support lines then based off of the recent high, the top support line also matches right up with .236 line.)
Some quick thoughts: 1. With summer rolling around and more people heading outdoors I can see the demand for Cannabis rise in certain states like Colorado where people go to parks and consume. 2. Overall Cannabis has been heading down the last two months, without much "amazing" news/catalysts. 3. On daily chart the price shows bouncing off of the 200MA 4. Weekly and daily both show a support line being confirmed 5. Obvious cup and handle being formed/completed on weekly.
- I have some holdings currently, plan to add if it falls to support again, or around 16.63, which is another tested support line on the 1hr. - I will add final amounts at around 18.60, which is the .236 FIB Retracement line based off of previous high at 30.