Jushi Holdings Inc. ($JUSHF) Chart AnalysisTake a Hit or Let it Sit?
On the weekly chart, Jushi Holdings Inc. (since the recent correction) as been taking some dirty bong rips as the price continues to sell down +45% from prior Feb. highs.
The correction failing to new highs leads me to believe Jushi will follow suit and sell off to previous volume support. If we take the high and low of the correction and place under the breaking point where the correction ends and the pivot downwards starts, it coincidently displays possible 5th wave ending right on the support zone of the last time volume was traded in that price range. Notedly, the resistance (now support) of last price range shows possible $1.75 before catching the full weight of this sell of.
With a slight chance of a big swing with next correction, I wouldn't hit this joint and might not for a while. I will set alerts for $2.20 to start watching again to see if a possible reversal of trend/impulses can be benefited from at that point.
JUSHF trade ideas
CEO Cacioppo Doesn't Want It Falling Beneath $3.00Jushi Holdings JUSHF is my favorite cannabis stock. It moves with real uumph, multibagging into the stratosphere. Although it's been really dragged down since the high 75% ago. But I think its bottomed here at $3.00. You can see my annotations in the chart. It did break that support level recently but it looks like the price is refusing to go back lower than specifically $3.00.
Jushi's business model is really something. They focus on M&A in emerging cannabis markets in the US, such as border regions with states without recreational cannabis (IL-MO, MA-NH) and states with legalization legislation in development (PE, VA). There's something about this strategy of geographic expansion that's just so... satisfying. The shrewdness. The skill. The cunning.
I would watch the current price level to see if it holds, but most likely where its at right now is a base for any ramp up with legislation being discussed during the midterm election cycle in the US. Just a thought.
My bullish argument for JUSHIFAfter an incredible 1300%+ run from it's low's in March of 2020, Jushi spent the last few months forming a descending triangle consolidation pattern. It recently broke out of the triangle and is now above the daily Kumo Cloud with a positive TK twist. We are also seeing a new higher high for the first time since February and an inverted H&S in the RSI. If it closes above 7.21 today and maintains its break above the cloud it could be signs that it is ready for another run up. There is significant resistance at 7.42-7.50, if it closes above that $8.13 and new highs should be on the horizon.
-Mike