Marijuana Stocks Running, is BLO next?Marijuana stocks have been ripping lately.
There's a correlation between MSOS and Cannabix Technologies.
Will the next boom happen with the marijuana breathalyzer stock?
BLO trade ideas
BLOZF ShortBLOZF is currently playing out a triple three retracement (not pictured) - the yellow ABC correction is the final correction in the pattern, which looks as though it will complete a running flat (3-3-5). Wave B retraced already to roughly 90%. It is now on its 5 wave impulse down to complete the C Wave of the ABC correction. Within that 5 wave impulse, a triangle has formed on Wave 4. I expect the triangle to end between roughly $0.50 and $0.53, before completing it's 5th wave down. The first target for the end of Wave C is $0.43, which would be a 0.618 fib extension of Wave A to Wave B. The second target is $0.28, which would be a 1.236 fib extension of Wave 1 to 2 (within 5 wave impulse down). The third target is $0.20, which would be a 1 to 1 fib extension of Wave A to Wave B.
After completing this final ABC correction, and completing the longer triple three retracement, BLOZF is to the moon (targets TBD).
Stay tuned. Happy trading.
$BLOZF - MJ ain't no bullInverted hammer completely submerged below the lower bollie makes for a great entry in anticipation of a reversal. Hasn't been this low since late 2018, and likely shouldn't see any lower lows. Keep an eye on this one come Monday....mega oversold as RSI dips nearly off of the chart. I don't believe I have seen an RSI on a daily this low. Do your DD, as I have no clue as to why this has dipped to such extremes.
BlahNot sure how long this things gonna drag out, but it doesn't seem ready to goa nywhere just yet.
Still some work to doHeavy resistance to overcome, but a long-term support might be able to do it. A large pennant seems to be forming. Weekly KST indicator has crossed bullish, though somewhat reluctantly.
Cannabis ETF ready to rebound - #stocks #tradingSitting on the moving average after the big rally; I think it's ready to resume
