THCX Banking Bill Passes HouseAt 8 pm EST, the House announced that it passed the bill that would allow the cannabis industry to get banking accounts and start being treated like standard businesses with banks. This would likely include loans and investment opportunities that crippled this industry. Next is the Senate, which are pro-business so this will be interesting to watch. I foresee this stock breaking out of its near term bull pennant and going into an uptrend to around $20 per share. This should be around 10-15% returns. Easy run up for day traders.
Happy Investing!
THCX
Descending broadening wedge pattern MbII is trading in a bullish broadening wedge pattern, price action and volume within the flag seems bullish
Quick day trade or swing trade possible here
Tlry WSB short squeeze possible I was snooping around the internet and it seems that WSB is trying to force a short squeeze on TLRY, Robinhood currently is not letting users view TLRY options. No official statement has been put out by Robinhood
Disclosure: I own stock and calls
Tlry 4hr chart Possible formation of an uptrend channel as the price moves to test the ipo price with surging volume, and possibly move higher as weed legislation becomes imminent.
TLRY close above 50smma on the weekly TLRY has closed above the 50smma with surging volume this could mean the start of a new uptrend as marijuana legislation becomes imminent.
Bullish news for the cannabis industry.Yesterday’s announcement of a movement towards cannabis legislation has been the best news for the industry since the listing of cannabis stocks. The THCX fund is newer and has a lower market cap then the MJ ETF, it also trades at a lower price making an attractive buy for retail investors. It’s holdings are:
APHA Aphria Inc 8.95% 603437
TLRY Tilray Inc 7.83% 333051
CGC Canopy Growth Corp 6.94% 172783
GRW. GROW GENERATION 6.44% 129468
GWPH. GW Pharmaceuticals P 6.16% 32626
VFF Village Farms Intern 5.96% 476411
CRON Cronos Group Inc 5.63% 514377
AMRS Amyris Inc 4.68% 444447
HYFM HYDROFARM 4.67% 62020
Technically speaking, yesterday surge In volume along with positive news is driving the stock higher. If we manage to have a positive close 1/4/21 this could be the start of accumulation, and a move to complete the rounded bottom and test the IPO price, here a cup and handle, or a continuation of the uptrend do to social media, new retail investors, hype, super positive outlook could form.
Holding shares
$MMNFF - MedMen Revival MedMen Enterprises, a recognized brand across the US for medical / recreation use of marijuana. They already have a solid foothold & "in" on the industry & are setup to ride the next wave of the cannabis boom. They are also backed by a group of experience board of directors with previous knowledge in well know public companies. The CEO is determined on an eventual turnaround. 2020 Q4 Transcript
www.medmen.com
Should be a good one for a swing @ the right price. Anyhow seems like a good one to keep an eye on & rinse and repeat when the time is right.
www.sec.gov
Daily Chart on $MJ Breakout or Fakout?The MJ Sector has been down-trending since March of 2019, still has yet to see a real bounce with a solid continuation. As of May 2020 it looks like we are ready to bounce but still, I am weary that they will do another fakeout breakout.
Anyhow, I am expecting MJ's price to eventually break above these down-trending lines. They are still rejecting the price down, so we could see a pullback or a breakout above the down-trending lines as it looks like we are squeezing once again.
Anyhow GLTA & Collect those sweet dividends.
