Hi Traders .
Another play came sorted out from the sea, following a good news .....
"Consumer packaged goods company Auxly Cannabis Group Inc. (TSX.V: XLY) (OTCQX: CBWTF) secured an additional $3 million in funding.
The agreement was worked out through a previously announced unsecured convertible debenture standby facility.
Under the $25 million...
Auxly seems to be in the early stages of minor wave 5 down. If this is the case, prices should be in a path of more than 50% losses ahead. This scenario should be void if prices crosses up 0.34. Keep tuned. FOLLOW SKYLINEPRO TO GET UPDATES.
Auxly retraced near 0.618 of wave A, a probable target for the end of B wave down. The next wave is a minute C up that should complete minor wave 4. If this is the case the most probable target is at 0.55, 135% above the current price. Its market peer KERN already grew the same amount recently. If it crosses down 0,21 the odds go to that minor 4 is finished and...
These long consolidation patterns (seen in the box) tend to break out to the opposite side that the trend entered the box. So I expect this stock to move higher once it breaks out of the consolidation. When that happens may require patience.
Various charts in the marijuana sector are shaping up bullishly.
On CBWTF, I see a nice rounding bottom with an inverse H&S formation.
A dip to the 10ma would be a good entry. Stop would be a break below the 10 or the 50.
A run to the highs would be a good point to take profits for short term trading, but I think these can be a long term hold with Canadian...
Ive been invested in the Canadian marijuana sector for just over a year and a half and have had great overall success but most importantly learned A LOT along the way. Weve got a HUGE catalyst coming up in the Canadian Recreational Legalization slated for August 2018 and I for one do not want to be waiting on the sidelines!
This is just a VERY rough sketch of...
There is positive expected value for longs right now. We have confluence with the 8EMA and Elliott Wave Theory. There is around 65% chance to form an equal leg or even hit the 1.618 Level. Even if we come out with a loss at the end The Expected Value Formula will work for us in the long run(isn't that what matters most)
Pretty nasty smash this morning in the marijuana sector. Some American marijuana companies down 30, 40% from Sessions' announcement.
However, looking at this one.... it's just a horizontal correction so far?
If so, in a few days, when the dust settles, this and select other Canadian companies might remain exceptionally bullish.
Not buying here, just watching.
It's only up about 100%.
After all, compared to something like CANN, which is up about 900%, this has some catching up to do.
I'm very tempted to sell half here but I'm going to borrow a strategy from the crypto world for now and HODL .
I have been watching and holding this MJ company. They have a unique business model and I think it will do well.
I noticed the pop yesterday and doubled my position.
Today, it POPS! BUT! It does not look like it wants to slow down. I am adding another 1/3rd NOW.
Auxly Cannabis Group, Inc. is an international cannabis company, which provides cannabis products to the medical, wellness and adult-use markets. The company was founded on August 24, 1987 and is headquartered in Toronto, Canada.