The cannabis market is a volatile one.
HMMJ has risen quite a bit in the last couple weeks and is now overbought. It's time to come back down at around 15$.
Selling will start after they pay out the dividends on April 11.
I'm LONG in the longterm!
But taking profit here makes sense.
New to #weedstocks, my experience is in trading crypto for 2 years.
I am charting the HMMJ as a macro benchmark of the whole #weedstocks market.
Experimented with a few different indicators here, the principle was to find indicators that would have been reliable over the last 18 months.
MA's (10 and 30), looking for crossovers to signify a change...
If you really wanna see the strength of this sector. there's huge support at the long term trendline as the 50, 200 are running parallel the 200 simple and double cross with a break out over 20.35 the previously resistance. Now looking at the holdings in HMMJ ACB needs to perform well as hmmj largest holding is aurora. I think this is a beginning of a large run as...
Let's play another round of the pointless prediction game.
If we see another equal measured bullish move ramping up to Oct 17th and Oct/Nov Sell off.
We may touch of the median zone (20.30 -21.00 area).
And some notes about how I create my trend channels with a modified pitchfork tool.
There is some interesting movement in this sector.
The HMMJ has almost ended its correction. I am following it closely because a major opportunity will arise.
As soon as 2 ends, the next move will be a 3 therefore a big one.
Then we will have a 4 and a 5. My longer term target is set around $60.
But first I want this 2 to end in order to grab the big 3 UP which...