IGC is another cannabis stock that soared way too fast based on no tangible numbers. The Cannabis market will be a big market for sure. But the energy beverage sector is extremely competitive; we would have to see how the "Nitro G" can compete before the stock soars 1000% in a couple days. This is definitely the pumping phase, and it will come down.
Let’s be real here. This 1hr timeframe
I wouldn’t be surprised if it dropped back after people realize 8k has been released about the drink. 3$ if that.
All based off a PRess release for cbd drinks
Market manipulation in my opinion.
Look at the stochastic it’s over 70 and the sma is back at 2.50
Shorts are fomo
Monday will retract
No major catalyst
Just red flags
I’d sell partial if you got in yesterday or when I was lower
This is a slow moving asset for patient longterm traders. it seems to have been "pumped and dumped" in the past and should be traded with caution. given the recent price action within 6 months of each other i am inclined to believe there seems to be some waves coming. on this daily chart it seems to be putting 5 elliot waves (in orange) of a bigger set (in green)....
so everyday im going to analyze what comes of what my stock screener tracks. I scan for high volume high volatility stocks under 10 dollars that are classified as a strong buy.. Every day I'm going to analyze until i see patterns that these stocks are following. this is for all intents and purposes my own notes, awesome momentum macd and ultimate say buy, cci says sell.
IGC has filled the gap created the day after Christmas. I'm looking for a breakout on the upside for a run at the 1.40 resistance level. I'm a buyer now; not a lot of downside risk either.
