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.
Cannabis stocks plummets for almost a full year.
I think that the initial hype of the Cannabis industry is over.
Those who entered the market as retail investor looking to take advantage of the hype had left probably lost quite a few $$.
With plans for Toronto to open up more stores might not help.
The daily MACD does show signs that Cannabis is recovering...
Three weekly candles finding support in the low $8.00 range
Price action is flirting with the $9.75 weekly resistance
Moving outside of oversold territory
What has me cautioned:
Approaching a long term descending resistance line
Weekly resistance at 10.28
I was asked about this stock/ETF by one of my subscribers. I like it!
Firstly it's weed, we see it in use in so may ways. Governments getting on board aging population opening up to its medical uses and recreational use of course. It's a product you buy, burn and re-order. I do not care what your opinions are on this "drug", I see opportunity here. I was in weed...
On the daily we can see bullish divergence on the RSI and MACD
it is also on falling wedge as well.
There is also bullish divergence on the weekly aswell.
Hesitant to take a long term position because the fate of this play will depend largely on the earnings, which could easily become another massacre like we saw in November.
would not be a bad idea to take a...
