Marijuanastocks
ACBACB bull play
-inverted head and shoulders pattern
-need to see resistance at the neckline break up through 9.43 & 9.50
BAMM - Great Momentum, Flagging before next Push CSE:BAMM OTC:BMMJ Body and Mind closed friday with a doji candle, possibly signalling a short pause before advancing. We have kept daily higher lows intact since March 19th, consolidating on the hourly as we advance. The weekly chart looks very strong with increasing price, increasing volume, big green bars closing at or close to the high. However I would expect to see a bit of a weekly flag before pushing into the $1.00 range. Meaning we could see this first week of April, trade sideways in the 90c to 98c range before we push higher. This would be completely healthy and will be a good chance to accumulate below a dollar before we push higher.
On Thursday we had a bullish cross of the 50day SMA over the 100day SMA and have two very strong up-trend lines that we can play off of in the coming days. The RSI is a little heated right now being that we have been over 70 for the last 6 trading days, thought for reference VFF (Village Farms) spent almost 2 complete months over 70 and only half of that period was in "blue sky breakout" so this indicator is not to be solely relied on.
We have been hugging the top of the bollinger band for two weeks (11 trading days) now, so a bit of sideways action will help cool this indicator off as well. Volume has peaked a couple times but is sustaining above 350k which is double the 50 day average volume.
Resistance
98c and $1.00 will be our next two resistances, based off the Level 2 (market depth) data there have been some sell blocks posted there for a couple weeks now, should not be a big concern given the momentum but id expect a pause around there to chew through them. after that there is not to much up to $1.11 and $1.20 which is our 52 week high
Support
91c and 92c are our last two daily higher lows, holding those as we go sideways will be strong. 85c is our critical support to hold now on any daily consolidation that could potentially take place
This stock has plenty of strength and can see it moving higher before any medium term consolidation takes place. Volume has peaked a couple times but is sustaining above 350k which is double the 50 day average volume.
APHAHigh of yesterdays bounce need to break for bears to gain control
-look for daily lower high compared to 9.83 if hourly breaks bullish over 9.35
-further downside if hourly breaks bearish under 9.15 during regular hours, next support on the daily at 8.08
CGCMonthly equilibrium setup
-41.68 next level of support on the daily
-if 41.68 breaks no weekly support established, look for monthly higher low
CRONEarnings downgrade
-broke key support 17.71
-resistance 18.46 (high of yesterdays bounce)
-lack of weekly support if 17.71 breaks
-bulls need to break 18.46 on the hourly
-look for daily higher low to form under 21.10
CGCTightening hourly range
-hourly support: 43.66, 43.35
-hourly resistance: 44.85, 45.35
-if hourly breaks bullish, look for a daily lower high compared to 48.60
-if hourly breaks bearish, next support at 42.91 then 41.68
Cheech n Chong says Sym TriangleDrawn out a few outcomes on this chart sym triangles can break either way its at the top of a run so it looks bullish to me but it also is coming up on the resistance marker of the previous run in October and has yet to make a higher high from that run.... so TECHNICALLY is bearish. either way heres a few trend lines and support/resistance markers for you all.
Green is Bearish target with an extended target to the bottom the trend line...
Red is Bullish target of the triangle which breaks the trend of the LOCAL high and could retest the large upper trend line at a later date.
Best of luck traders hope this helps some of you :) Comment, Like, and discuss can only get better if you all challenge my thoughts/ideas.
CGC with a massive indecision on the weekly.When this thing breaks, I would expect a massive move either way. What's it going to be heading towards summer ? Is Canopy primed for another leg up after this gigantic bull flag ? Or is it going back down ......what do you think ?
CGC closed above 1o emaCGC has
CGC has been dormant. it finally closed above 10 ema on the 4H.
Let's see if it finds support there
HEXO closed above the weekly trend line !Looks like this stock could see some follow through this week. First time in a while that it closed over this weekly trend line. I'll keep an eye out for follow through.
CRON DailyNASDAQ:CRON
AS Cronos tries to get back to the ascending triangle, notice the money flow getting better. Although the volume has been almost non-existent.
Watchlist**
Is WAYL ever gonna break out of this falling wedge ?It seems that from the time it reached ATH, it's been in a giant falling wedge. Even clearer on the monthly:
Is this stock going to continue falling ? Or is this a good buy opportunity ?
From what I know of this company, it's had it's fair share (pun intended) of drama. Insider selling, lawsuits threats, twitter arguments between the CEO Ben Ward and Equity Guru.
(highenergytrading.com)
Honestly I have not followed the stock much since it switched from Maricann to Wayland Group. I still hold a small position though, and I sold and bought from time to time without paying much attention to the longer timeframe charts.
What I do know, is that the weekly chart just bounced on 0,87$, creating a double bottom and a good place to put a stop loss. The 1$ price level will probably offer resistance and right now the stock seems to be hesitating as to which way it'll go. This seems to be in line with the Cannabis Sector, which has been in an EQ for the past few weeks. For those who hold the bag (like me), there might be a good opportunity to average down if 0,87$ continue acting as support. But what I really what to see, is a weekly close above the falling wedge, and increasing volume that might signal a trend change and give back confidence to investors.
Will Aurora Cannabis Reach ATH soon ?The volume was quite impressive last week, smashing through the 8$ resistance and closing very strong above the pink trend line. What's interesting about this trend line is that you can extend it back 2 years when the price was under 1$ and it's been tested again and again, acting both as support and resistance. Next weeks we might see some follow through with resistance around the 10$, 11$ and 12$ levels, but more importantly the all time high is in sight. I don't know what's driving this surge for the past 2 weeks and I must admit I'm a bit skeptical. If for some reason there's a pullback that bounces on the pink trend line, it could be a good opportunity to make an entry. Other than that, I'll be careful as this stock and this sector can drop quickly, so this chart is more to help look for an area where buying could happen IF there's a sudden drop.
Possible Penny Stock Bounce Set Up(OTC:PHGRF) recently experienced a large sell off with the RSI moving into oversold territory. CMF has held steady during this price decline indicating that investors are not rushing for the exit during this pullback. As (OTC:PHGRF) reaches a support level in the mid .50s the RSI and CMF appear to be signaling a possible bounce from these oversold conditions.
CGC at a resistance and weekly looks like a bull flagGoing to setup a trade using April $47.5 calls stop-limit $4.25 (tweezer top at $4.20 on the options) with a $1 stop. Risking $100 per contract.
Upper targets low to mid $50 range. Only concern is that the gap from the last two days has no been filled, but let's see if the sellers jumping on at this resistance get squeezed up.
Cheers!
ACB ready for the next step up >8.50We know how fast weed stocks move when they hit proven support lines.
One more trading day to prove 6.90-7.00 support will likely bring ACB >8.50 by 3/1. It's possible we'll see a little lag, but expected move should happen by 3/8.
Peak-to-peak, ACB has averaged 10%-20% leaps. 10% leap from previous peak of 8.34 brings us >9.00
ACB trading at 6.93 while posting this.
CRON Retracement and possible move upCRON retraced some of its move up and seemed to find support. Will be watching EMAs and MACD for confirmation. Any strong price action to the upside will have me looking for a move past $30.
This setup is invalidated if we break below support at the .618 retracement.
$CRON straw fireGood luck with this parabola, what goes up must get back down.
Hysterical movements are not organic, you wont be advised, ultimately there will be an 80% circa retracement move.
Inverted H&S- HEXO Solid Fundamentals are catching up to this Stock. Still not as well known as some of it's competitors and has a strong production capacity and quality product.
Great to see it getting appreciated.
Inverted HS forming on the Daily, I expect a rise to 6.50 USD
TLRY: The secular bull market potential of potIn bear markets when volatility is high, so many stocks tend to have a correlation of 1 to the S&P 500 making it very hard to find stocks bucking the trend. Frequently, the only place to find secular bull markets in these environments are in penny stocks or biotech stocks that are in the midst of creating something new and marketable.
With the advent of new legislation sweeping North America to legalize pot, an entirely new sector has emerged: marijuana stocks. TLRY, which IPOed this summer was subject to an insane first few months as it rocketed from $17 to $300 in 2 months. Pot bulls cheered the ability to invest in this untapped industry (at least legally) while bears suggested that these companies have high costs, no earnings, only potential, and were way overvalued. I actually agree with both camps on this one.
My ambivalence aside, that doesn't stop me from wanting to buy a stock that has broken a downtrending channel on good news and that is exactly what TLRY did on Friday. Illustrated in the chart above, TLRY has broken a 3 month long channel on the back of news that Privateer Holdings (Peter Thiel's fund) would not be selling any shares when its lock-up period on 76 million IPO shares expires on Tuesday of this week. I believe many investors and short-sellers were targeting this lock-up period as a time of turmoil for the stock. It seems with this announcement that the bears have been stymied.
I believe this is good enough news (both technically and fundamentally) to buy TLRY with the following parameters:
Buy TLRY under $100 ($96 as of Friday's close)
Target 1: $114
Target 2: $140
Stop: $83
This stock trades quickly. I would recommend using a trailing stop as well.
MEDICAL MARIJUANA SHORT (MJNA)Okay so this is uncharted territory for me. The pot-head market seems very bearish but it has gone through its fair share of market cycles. Prices might just edge a bit higher in order for them to test the upper channel resistance, but i would advise traders to open a short position at the break of the short-term bullish trendline which i drew in the descending channel.
