Like ACB, WEED had a great run yesterday and a lot of traders have been able to make good gains! The question everyone is asking now is, how far will this go ??? Well that's a pretty difficult question o answer because this stock could retrace any time, but it could also pop up another 5% before starting a retracement.
My trading strategy here will be to wait out the sprint, it's too late to enter again in my opinion. I don't want to be left with a huge bag bought way too high.
One the Cannabis stock have retraced i'll load up my bags with a lot of shares.
Any Thoughts ?
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My previous chart was a bit messy, I've reworked it deleting previous lines that were not in play anymore, please check this TA out for a clearer view.
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Pump and Dump at the market opening, as expected. Let's let it retrace for now.
A run like this needs to retrace, the question is, to what level.. 55 ema ? 100 ema? or even 200 ema? Let's see.
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seems like we are having a channel formation, but this isn't a bullish one. Let's see what happens tomorrow
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StarbucksMocha
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Thank you for your comments. I agree with your strategy. I think it might pop again today & I would not buy any new shares. I feel it will consolidate over the winter for a better buy in. I got in CGC (WEED)way back when it was $7.78. I sold some and will continue to hold some long term as I already made nice profits & feel I will never get this buy in price again. Investors could be hurt by trying to get too greedy. Many people in this space feel it will take about 2 years to get to these prices again after consolidation, so deciding whether to hold for the long term is the decision. Cannabis is a commodity that has lots of supply after legalization, that is a big reason for the consolidation phase. It is like oil, overproduction and supply effects pricing. If US legalizes (about 2 years?) it will help a lot with the demand side. Hoping people stay smart and not too emotional today. Exciting space and room for so many new helpful health and wellness products long term.
Raw_Blitz
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@StarbucksMocha, I couldn't agree more with you! Feel free to join my new Discord Channel if you interested in talking to me and others about stocks, info and of course opportunities!
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