Well, That was a reLEAFAlthough there was an indication that it was going to re-test support as I mentioned, it retraced further than expected, but it respected the heavy support line drawn on the previous chart. Support remains the same, however, new support and resistance lines have also been established to indicate new windows. We closed today with a green indecision candle, so we cannot assume that it will for surely go up on Monday. If we do bounce off of this support line, we should be headed back up to where the MACD's cross resistance. If it drops down below, we may see a re-test as low as 18.00, but hopefully the bulls catch at 18.35.
Marijuanastocks
How's the WEED?For a brief time we crossed resistance, but retraced and are now keeping in line with the support and resistance channel that has being tested and is currently consolidating. For the time being, the support line has been moved up, although keep an eye out or have a stop loss somewhere just below, maybe ~30.50. This is due to a slightly looming green shadow that was cast earlier this morning. Luckily it never formed a head and shoulders and held support quite nice. Hopefully this consolidation can take us in the right direction.
Do you beLEAF this?Over the past few days, we can see that LEAF has been trailing it's rivals slightly, although it is strange that we didn't see more of a consistent breakout, considering we just saw a head and shoulders pattern, followed by a bull flag. It seems as though we might see a retest of the 32.8% fib retrace line to confirm a bullish trend.
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Am I seeing things?Wow 9.54%! We absolutely blew past any form of futile resistance that I thought may have held us up a bit, into the 0.5 Fibonacci re-trace zone, waiting for an almost guaranteed close tomorrow to confirm above 29.50. I'm moving the support lines up faster than I can buy. The bulls are in full force with no sign of a flag, and even though I've drawn some measly resistance that we could stagger at, the volume right now is just to massive for me to believe that we will be stopped dead at 31.00. Today closed with essentially no wick, so tomorrow, hopefully we can make it there and past. I haven't seen a breakout like this since "The Shawshank Redemption".
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Looky what we have here.So, in the previous chart, I was thinking that it wasn't going to cross that line due to the volume and or buying power. Well, they have just acquired final approval for the acquisition of CanniMed earlier today. A combination of diluted asset and possible positive conviction I believe, has lead to an increase just above the trend line. This has allowed me to move the support line up to ~9.85 and is a step in the right direction, but even if we can get a second confirmation above the trend line, there isn't much play room before we need some bulls to break that resistance at 10.70.
finance.yahoo.com
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Broke the looming down trend channel.We are holding a steady pace upward, exiting the downtrend finally, with a head and shoulders pattern finishing above the 0.236 retrace and past the downtrend channel. Closing in the red, just below the resistance line, it will be interesting to see if the H&S was a true indication of a bullish trend forming, or is that a bull flag I see directly after it? Confirmation above the resistance line at 20.09 and it should be pretty clear at that point. If it doesn't confirm, it might have been a bull trap, and it will probably re-test support at ~18.75. Hopefully we can make it past and collect the spread until the next stop at ~23.80.
Heavy resistance. New support.There is still some seriously heavy resistance that we will have to face, considering it just barely cleared above the previous, with a long green wick although. I have moved the upward trend line to reflect the newly created likely support area, indicated by the green dashed line. If we can confirm a second retest above the current dashed red resistance line, the blue support can then be moved up along with it, and new resistance will be placed at ~28.75 and 29.70. I still do believe that unless the volume comes in, it will be a struggle to break past the point where the 8 and 13 lines cross the current resistance level at 28.0. If it does go up and bounce around in that resistance channel again, it could be forming the beginning of a left shoulder of head and shoulders pattern that can hopefully break us out of the .5 Fib. retrace.
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Consolidation station.It is looking it will consolidate for quite some time, however, they have just acquired the license for a facility in Aldergrove B.C. It will be interesting to see if it remains bearish during the primary phases of that operation. There's an indication it might retrace the .236 Fibonacci, where it intersects the upward trend line at this point, because support has already been established twice there. Hopefully it bounces off and keeps going in the right direction.
HMMJ: Extended CorrectionObservations
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 further. Possible buy zone at the previous low of $16.53 and 0.618 fib level (i.e. $14.86)
A significant break above $20.28 and 55 EMA support would be good indication of an uptrend to a possible impulse wave.
Disclaimer
For informational purposes only and not deemed as financial advice.
Price action critical pointWEED has been in a downfall since the bubble burst on pretty much every weed stock there is. Now it how made a consolidation pattern and is shortening its price range. In the coming days we will see where it breaks and what this will be able to tell us about possible future outcomes.
A lot of people think that bubbles are a bad thing. But they show that the interest of the general public has already peaked but historically, every bubble has been followed by another strong bull martket. This is a shortterm short and I will defenetly be going long on the marijuana industry in general when it bottoms out because post legalization run will be crazy.
ADVT looking bullish...thank Canadian bears & compliance lawsWhat do you guys think?
I say it breaks out based off the increase in volume, and the fact that the Canadian markets haven't affected ADVT. Why? They're based in Newport Beach, California.
Here's some fluff:
globenewswire.com
Also my thoughts in general:
-ADVT looks like a solid company from the top down with expansion in mind, a 2018 projected exponential increase of earnings, and new orders
-Ancillary companies will benefit from cannabis industry without the risk of dropping cannabis prices
-The compliance (ie, packaging) industry will be substantial because as states or countries legalize, compliance laws go into effect (opaque, child proof, etc), companies like ADVT are necessary.
www.leafly.com
-Ancillary companies aren't bound by state borders like cannabis producers
-Companies first in to secure contracts to big producers, have money behind them, and will likely be the biggest in that industry niche
-Canadian marijuana stock sellers in search for those crazy returns after the Canadian cannabis market started consolidating after that insane bull run.
-US Cannabis market is volatile but cheap, so a mass of people are looking for cheap stocks with growth potential
I guess we'll see.
I'm going long.
HVT: Extended CorrectionObservations
Lots of MJ stocks following the same correction path. 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 further. Possible buy zone at the previous low of $0.99 and 0.786 fib level (i.e. $0.86)
A significant break above $1.35 and 55 EMA support would be good indication of an uptrend to a possible impulse wave.
Disclaimer
For informational purposes only and not deemed as financial advice.
EAT/SPLIF: Extended Correction Observations
After a super extended wave 5 move at an alarming pace, we have been going through a fairly long correction phase.
We may have entered into what is commonly known as the "hurry up and wait" syndrome, where we rushed through the impulse wave and then carry out long correction from the previous high.
Charts still bearish as 55 EMA is above the other EMAs on 3h timeframe.
RSI is also downtrending making lower highs.
I believe in this company fundamentally long term but one must be patient with this correction if you are looking to enter or currently holding long term.
Disclaimer
For informational purposes only and not deemed as financial advice.
HVT, Real Marijuana With Good PotentialCompany is in the middle of building a grow op with 12000 kg potential. Bought MMJ Phytotek, an Israeli pharmacuetical venture creating a CBD based seizure medication. We all remember what happened to OWCP. Lots of news catalysts in the future. They just an closed an offering for 40 million, 20 000 000 shares priced at 1.82, so the price is a pretty nice discount. Looks like a nice entry somewhere between the 78% line and the close, depending on the price action. There was a big bid for 100 000 shares in that range yesterday. Don't think they got fully filled yet. I think the drop is done.
$MYHI Moves In Advance of Marijuana Catalysts and NewsMountain High Acquisitions recently announced the company’s most recent milestones in its plan to provide turnkey infrastructure solutions to licensed cannabis growers and producers in highly promising cannabis markets such as California, Washington, Oregon and Arizona.
On January 18, 2018 MYHI entered into an Advisory Agreement with Mr. Dirk Nansen of Bellingham, Washington, with effect from January 1, 2018. Pursuant to the Agreement, Mr. Nansen is required to identify opportunities in Washington, Oregon, and California through which MYHI can evaluate technologies and pursue the build out of infrastructure assets to be utilized for cannabis cultivation, extraction, or consumer product manufacturing.
The company's wholly owned subsidiary www.greenlifebotanix.com also has increased awareness for their Che' line of organic cannabis beauty products; Body Lotion, Face Cream and Anti-Aging Serum.
I anticipate many updates to come as the CEO continues to expand the company.
ProjeXions Series - Vol1 - Cannabis Industry - CBIS, 2-YEAR, OTCThis is a work-flow experiment. The details surrounding the indicators and metrics used to arrive at my conclusions will be discussed when my targets are met.
Cannabis Science, Inc. takes advantage of its unique understanding of metabolic processes to provide novel treatment approaches to a number of illnesses for which current treatments and understanding remain unsatisfactory. Cannabinoids have an extensive history dating back thousands of years, and currently, there are a growing number of peer-reviewed scientific publications that document the underlying biochemical pathways that cannabinoids modulate. The Company works with leading experts in drug development, medicinal characterization, and clinical research to develop, produce, and commercialize novel therapeutic approaches for the treatment for illnesses caused by infections as well as for age-related illness. Our initial focus is on cancers, HIV/AIDS, and neurological conditions. The Company is proceeding with the research and development of its proprietary drugs as a part of this initial focus: CS-S/BCC-1, CS-TATI-1, and CS-NEURO-1, respectively.
THCXExpect a nice trend out of THCX.
Aggressive drop, hammer, inside, outside, inside, followed by a sustainable uptrend.
Have my buy alert to go off when we get a nice full body above the outside bars wick.
May stumble as we reach that upward fractal level.
WEED fib bouncingWEED bouncing perfectly off of 38% fib levels at 21$ instead of 50% (24$) like I had predicted last week. No matter, the profit margin could have been bigger but Im quite certain well see a recovery to $29.92 before another selloff before legalization.
Long then short around $30 region
MYMMF pennant breakout with gap up confirmationMYMMF canadian cannabis company made a small breakout yesterday evening shown by my previous graph yesterday. This morning full confirmation breakout, it gaped up on relatively higher volume through heavy resistance at 2.8$ resistance. Here would be good entry for a run up, this stock might test new all time highs in the coming weeks.
Breakout Long Idea on $ACBFF - Aurora Cannabis Inc$ACBFF has a good setup for a long idea on a breakout. The stock is extended but with Marijuana being so hot right now the momentum alone can make this a nice trade.
This stock is actually the U.S. version of Canada's ACB:CN. What I like for the trade's potential is marijuana is legal in Canada which gives people confidence that these Canadian based stocks can really run with limited headwinds. $ACBFF showed up today on my 'Darvas Breakout Scanner' and I currently have an alert, on my thinkorswim, setup at $11.80 which will likely trigger tomorrow.
Entry: Above $11.83
Stop: $10.85
Target 1: $15.79 Risk:Reward 3.99
Target 2: $16.80 Risk:Reward 5.01
This marijuana stock will keep losing money I like cannabis stocks, have been bullish on the sector for the last year. I don't think 2018 will be any different. However i don't like the company aurora cannabis from a fundamental point of view. The company has not been able to turn a profit, the massive run up in stockprice is based on future expectations. If the company is now not able to turn a profit, how will they be in the future when margins only will erode over time? Management is incompetent, the last Cannimed deal shows how irresponsibly they allocate capital. It would not surprise me to see this stock drop -50% over the next year. Be warned.
LG.v Technicals Looking GoodLG has some good looking technicals at the moment.
Falling wedge forming nice.
Also could be a pennant with the older trendlines.
Flirting with the 100MA and this has shown great support for a swing trade in the past.
Stochastic is pretty low, but could stay down.
RSI is not quite oversold but showing resistance to going down any further.
Money flow has stayed somewhat strong.
MACD is curling up at the moment.
Key levels at .59 and .92. These will act as support and resistance.
I will be taking a position from .66 and building my position all the way down to .60 if the wedge breakout does not occur.
Planning to sell around the .87-.89 level. Also opportunity for a breakout play down the road if we are see great trend support as it nears the .92 level.
How the House Won with WEEDLooks like a picture perfect victory for the house on WEED. Would like to see a bit of a consolidation so I can get a solid feel for which directional we will see next.
