I like Scotts Miracle Grow here, for the longest of times I thought they ran a monopoly on the garden business , I worked at a hardware store in mid 2000's and the brand is well known and recognized by all.
With the continued consolidation at this level , I'd like to give them a chance and make the trek higher to reach $75 per share before resuming the...
SMG has good reason to trend up- the spring brings out consumers looking to get their lawn
off to a good start and the rise in marijuana stocks on the run-up to April 20th and the recent
legislative catalysts in Germany and Florida bring Scott's into focus as cultivators often use
it in their soil-based and hydroponic grow operations. The indicators show price...
Not financial advise.
Let's see if NYSE:SMG can turn around and hopefully follows the trajectory of this Fibonacci uptrend.
bullish scenario we break the yellow line around $90 for continuation but if it crosses the solid red line will invalidate the trend.
# NYSE:SMG #like and #subscribe
Thank you!
Scotts Miracle Grow is up +7% and trading above $70 after a gap up this morning - trade was initiated last week on the falling wedge breakout. Gaps tend to get filled so I've adapted to the price action and moved my stop-loss order up to just below today's candle at $68.45. No way to lose money on the trade now if price reverses, upside target remains near $80....
The largest player in cannabis without having the risk/exposure to the schedule 1 plants and cutthroat competition in the sector, SMG, has broken out of a falling wedge pattern with lower PPO and TDI indicators that are close to turning bullish.
All eyes/ears are on the Senate as a vote on Safe Banking for the cannabis sector is expected this month....
SMG will be back above $100 by EOY
Update on my position from the winter.
A return above the longterm trend line seems like a sure bet. Was hoping it would happen by summer, and it does feel like we are preparing for the next leg up. Either way SMG has good fundamentals and is on sale right now.
This is looking setup for a sweet push in coming weeks. Double bottom rocketed smg off the bottoms. Nice pull back and basing on previous double bottom. Let’s see how this plays out but id be buying shares or calls far out at least should hit 90$
Weekly Timeframe Cup & Handle Set-Up. Looks like it's right out of a textbook. The set-up is that clean and we are just in time before it launches for a very low risk/high reward swing trade.
Cup Height: $ 45
Price Target: $ 130
Current Price: $ 71.47
130-71.47 = $ 58.43 upside
58.43/71.47 = 81.8% upside potential
Trend line since 93 on the monthly.
Clear as day repeat of 2008 dip.
Back to ATH by 2025 EOY
If federal marijuana legalization doesn't send it earlier. ;)
Will be adding monthly until it breaks $100.
Happy trading.
SMG strong buy ratings and solid financials make SMG a good Long Term Buy. The cannabis industry is helping build it's revenue from critical fertilizers and other materials that are it's core business. I honestly believe SMG is a stock that will double in the year. Mark my words Trading View! SMG will be a big winner!
Also, buying SMG while it's under it's major...
I was way early on my SMG call. Keeps hitting the downward trend line resistance. If it can cross over I NYSE:SMG 'm hopeful it will reverse the trend - earning on Feb 1 could be the catalyst.
Loading up on this stock as I believe it went from way overbought to way oversold very quickly. Playing a reversion bounce while collecting a high dividend in the meantime.
Scotts Miracle Gro is at a very attractive valuation similar to its 2008 lows with a nice 5.5% dividend yield. It is also coming off its bottom trend with the RSI oversold similar to 2008. Over the next couple years it could potentially rally 200+ if the recovery is similar to the 2008 fractal
