Longsetup for GRWG
GRWGGrowGeneration's stock is still cheap, and a new wave of cannabis legalization means the company's market will soon grow even more.
We saw a few short term calls with Strikepreis 6.5 $. So there can be another strong push in the next days and a breakout above 6.5 $. The setup below is more for a short swing trade. For a long term investement GRWG can be interesting because there is a big potential in this industry. In a short term there is still the risk that the company is not profitable yet and the last quarter was weaker than the second.
When cannabis companies set up their grow spaces, hydroponic systems are key to maximizing the yield of their plants. It also takes a lot of plant nutrients, grow lights, and environmental control equipment to keep marijuana plants happy and productive. And by selling all of these important products to businesses and consumers, GrowGeneration wants to make money. So it makes sense that if the cannabis industry experiences a downturn, the value of the company would take a hit.
Trading Idea / Short term:
Entry:
Stop Buy at 6.92 $
Exit:
Stoploss at 5.43 $
Target: 9.03 $
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.