After previously breaking out of a down trend and through the 200 day ema, the sector took a dive and formed a double bottom.
The double bottom, the retesting of the resistance level, the support of the 200day ema, and the recent high volume order blocks near current level makes me think we are setting up for a bullish break out.
The fib retracement shows that...
HIT IT OR LET IT SIT?
AdvisorShares Pure Cannabis ETF (YOLO) on the weekly chart shows dirty bong rips leaving long investors mad their not getting the high they want.
Not going lie, this chart made me scratch my head, until I brought the monthly candles and it started to make since as it appears who ever is shorting this ticker, must be working on a +T25...
Many Cannabis stocks have been getting beat down as of late with some down 35%+; At this point in time it would seem that many of these Cannabis stocks are in areas of value while showing seller exhaustion.
This leads me to believe that soon we will see an Uprising in many of the Cannabis plays we're all familiar with and possibly even see some of the...
Cliche candle patterns can be mis-spdcified.
In some cases if a market can probe the Limit Order Book deeply it can mean quite the opposite to what is wriiten...so hammer-like formations can signify further downside and weakness over several bars.
So just use limits and dont get sucked in on the upside.
Very new to this and still a lot to learn, so any feedback is appreciated. Here's what I see...
-Classic cup and handle, ATH was hit on 2/10 and the dip started.
-For now it seems to have found support around ~26.38, but RSI and MACD seem to indicate that it's a little overbought, so I would expect more correction over the next week
-targeting ~24.85 if...
price gaps likely to be filled in the next bear market cycle. YOLO ETF brings good exposure to the cannabis industry in the US. fundamentally good outlook for growth in this market space. legalization looming with democrats in control of both house and senate.
What is going on with the Cannabis world? What is the general direction of the ETF? Let's explore the alternatives for YOLO.
Disclosure: I do not recommend buy or sell. This is just an opinion, not advice. Do your own due diligence a make the right decisions based on your financial situation.
The FOMO / YOLO ratio.....be like......parabolic 🤣😂😂
Wait for the paranolic to pull back before getting some weed.
No need for FOMO on parabolics..usually plenty of room for long break-out trades at lower prices.
YOLO contains a number of the holdings in some of the largest marijuana instruments. We should see tremendous growth over the years with increasing national support for legalization/decriminalization. A nice long cup and handle appears to be forming and if we pair that with standard fib extensions /speed resistance fan trend over time we get the following...
