Various charts in the marijuana sector are shaping up bullishly.
On CBWTF, I see a nice rounding bottom with an inverse H&S formation.
A dip to the 10ma would be a good entry. Stop would be a break below the 10 or the 50.
A run to the highs would be a good point to take profits for short term trading, but I think these can be a long term hold with Canadian recreational legalization a few months away.
I jumped the gun, I already have a position from $1.31.
There are other charts and positions that one could look at... TWMJF, APHQF, ACBFF, MEDFF, MYMMF, OGRMF, CRON. Most are bullish and it's not hard to find an attractive risk/reward setup.
On CBWTF, I see a nice rounding bottom with an inverse H&S formation.
A dip to the 10ma would be a good entry. Stop would be a break below the 10 or the 50.
A run to the highs would be a good point to take profits for short term trading, but I think these can be a long term hold with Canadian recreational legalization a few months away.
I jumped the gun, I already have a position from $1.31.
There are other charts and positions that one could look at... TWMJF, APHQF, ACBFF, MEDFF, MYMMF, OGRMF, CRON. Most are bullish and it's not hard to find an attractive risk/reward setup.
Trade closed: stop reached:
I think the general markets are spilling over a bit. It's possible we get lower entry prices for MJ, plus we need more time to shake off the bullishness. See previous rallies and how long they required to recover.