Wow, what an amazing entry point!
Until I checked the news.
I was sticking to my original thesis that this would be a good entry point (not thinking it would come today ) to open a small position but have cash available to hit closer once a bottom has been established and break formed.
Convenient timing for the hit piece, but I'm not taking it lightly.
$3.52 was a solid support level and was snapped like nothing.
I expect the sector to continue its dip and a lot of companies to retest previously established bottoms. Unfortunately, I don't think a majority of those bottoms will hold.
As expected, the earnings stairs maintained on NSP.
great quick short.
I'm wondering if the same pattern will continue. I'd like to see this step down to monthly support @ 55.40 or the .786 FIB. But, the burnt price has monthly support @ 66.99 and weekly at 67.12.
I think the corporate buy backs will continue and I've switched to long.
Friday will set the stage for the next quarter in the cannabis sector.
If anybody can be a hero here, it's CGC.
How perfect would a .618 bounce be on his earnings.
Too perfect = I'm skeptical. All CGC has to do is not be a zero.
If CGC fails, expect the rest of the sector to follow suit.
This has been been a great stock to pick up on the low and take quick profits.
Ditch got a lot of bad press from the ACB deal, but clearly ACB is getting theirs.
Not surprised the bottom held.
If CGC has bad news to report on Friday, I'm not sure this bottom will hold.
I do believe Dutch is positioned well to survive 2020.
As expected, we continue lower to test bottom.
I'm looking for very positive news on Valentine's day from CGC which will shed some love on the sector!
I'll be watching closely Friday for a possible entry and quick rally.
Shorting the cannabis market is so hot right now!
ACB CEO is gone, and as one of the big boys, they affect the industry. Layoffs from at least two big names now (ACB and TLRY).
I'm not sure if M&A season will come, or if we'll just straight up see failures in 2Q.
Bottom will be tested... coupled with the short pressure and industry struggles: I don't think it will hold!