Looking for opportunities to add. Would prefer a pull back closer to trend line at the 19.50 area. Have been taking quick profits daily on the pot stocks.
Don't trust the masses of retail traders in these. Can drop very quickly.
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...
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...
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.