It's my first idea here:)
I see a good spot for LONG. All cannabis stocks are bullish now.
We have a golden Cross for HMMJ.
Buy 10.35
SL 15%
TP1 13.9
TP2 18
By Sun Storm Investment Research
A Profit & Solutions Strategy
Disclaimer: I am not a financial advisor, so please do your own research before trading anything
You wish you could have owned alcohol companies at the end of prohibition. Here's your second and last change at a trade like this. Marijuana is a far less destructive and harmful drug than alcohol with many medical uses and now more socially acceptable than ever. Just wait until mdma and mushrooms come out with more research for these early players to really take off.
So far so good.
The gains are holding, and day trade opportunities are everywhere in the cannabis show.
The blue wave has a lot to do with it. Imagine that a market with 300m people opens up and its ready to be taken....US legalization.
Technically, its good.
Good Bullish Trades!
Obviously, the 200DMA is still key. Until we breach the 200 day, we're stuck in purgatory. However, immanently, if we can get back to previous short term support, it would be constructive.
Now that the vote on legalization has been postponed till after the election, it's hard to find many catalysts to help get the sector out of the doldrums. Much of the bad news has been priced in, but perhaps not enough. It seems bankruptcies are being factored in based on its price action. Let's see...
Here's a short term chart for Horizons Medical MJ. It's been trying to base over the last week, with some continued follow-through, albeit timid. I expect we're winding up to the #More vote scheduled for the week of September 21st. For me, it's a coin toss. The overall trend is clearly bearish, but it's certainly putting up a fight to reverse that.
An attempt to break free from its long-term bearish channel is imminent. Recent support pegged at $6.15, a close below it will signal continued bearishness.
I had published a previous chart on HMMJ, which for now has failed, overshooting to the downside. I have to believe so much bad news has been priced into the sector. There are a couple of positive catalysts that may provide the lift needed to gain favor with investors.
I see a potential move up here. I opened a trade at 6.75 at the support line, taking profit near the resitance line.
Stoploss at 6.58.
PS: I'm in no way an experienced trader, nor is this investing advice. I't is mainly just for me to keep a record of my charts and review them at a later time.
