$GBLX - GB Sciences Marijuana Play
Updated
GBLX - GB Sciences is a great way to get exposure to the Marijuana industry that of course we all know is booming. The attraction here for me was a deal GB Sciences made late last year with LSU to provide medical Marijuana (THC) to approved patients in Louisiana as well as other retail revenue streams they have in other states. Although they are an OTC stock the deal with LSU legitimized them as a viable company in my eyes. The stock has recently had a great run and I took profits from my buys in the low to mid $0.20 range after observing a reversal on the stock.If you notice in the chart it has now broken through the lower end up the uptrend channel that had developed prior to its huge run to $1.56 along with several key Fibonacci Retracement levels. Considering it blew right through the 61.8% and 50.0% retracement levels I am expecting a dip down possibly to test the 38.2%. If 38.2% can't hold then they next key level of support would be $0.64 which held well in mid December followed by Fib Retracement 23.6% at a price of $0.547.
I plan to add 25-50% of my position back at Buy Target 1 depending on how strong or weak it looks. I will initially set a buy limit order for 25% at target 1 to get an auto fill and will observe manually to see if it bounces off of this level.
Buy Target 1: $0.74
Buy Target 2: $0.64
Buy Target 3: $0.547
Sell Target 1: $1.56 (25-50% of Position)
Sell Target 2: $2.37
Sell Target 3: $3.70 (Longer Term)
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