I like the setup to at least test previous support. A break above would get my attention.
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.
The HMMJ (Canadian cannabis focused ETF) has bottomed out and sales of cannabis have been strong since coronavirus hit the globe.
The industry has been oversold, and now that the bad news is behind us looks to continue to see better days.
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...
bounced at 2017 low potential reversal to 200 ema or 45-50% - wait for 21 day close above 50 day ema
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...
Canadian Marijuana ETF maybe bottoming out. It is way too early to but this ETF. But I will keep it under my radar.
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...