good scenario for a rally, i cant be the only one that noticed this. I will be loading up on any dips next week, manage your risk. My comments are not investment advise
If hmmj closes below $18.15, I think it gap fills down to $16.94. If it closes above $19 , the upper trend line with volume. Then, it would be bullish. Legalization senate votes schedule - March and June. Follow the $MJ stock, there has been no volume since the markets sold off end of January. Need the US buyers to come back...
Observations
Extended correction through an ABCDE wave pattern.
Charts still bearish as 55 EMA is above the other EMAs on 3h timeframe. Price trend also well below 55 EMA.
RSI is also downtrending making lower highs.
Continued pressure across the stock market (i.e. Dow Jones Index is still looking to correct further)
Keep a close eye if it breaks down...
HMMJ appears to be consolidating along side the whole CDN cannabis sector. I'm just paper trading to get a feel for this ETF during this consolidation.
The marijuana sector is blowing off some smoke after the latest toke up party. The sector is news fueled and volatile but has many buyers on the sidelines so I expect dips to continue being bought. I am a buyer of support levels and a seller of major spikes when we're clearly over extended.
Supports:
1) 13.83
2) 12.00-12.15
3) 11.13
Sell targets:
Over-extended...
The Cannabis market is trading at its Pivot Support Level. The analyzed timeframe is strict bearish.
Trading below the lows could initiate a sharp selloff.
buying the actual Level with a stopp near below the lows could be an intteresting idea for my anticyclical risk Lovers
for me the Logical trade would be: trying to catch the breakout --> stoppsell below the...
This is the OTC for HMMJ trading on the TSE - if you believe in the cannabis industry that's about to be completely legal in Canada next year, this ETF may be bottoming and ripe for entry
