I said yesterday WEED would battle between 27 and 28 with the winner pushing it back to 29 or sending it to the 25. Losing 26 caused the whole MJ sector to dump. Looking at the hourly we closed right around a nice hourly support and also have 9 days in the past where this had touched and bounced in the past. Volume kicked in bullish big time for the first time all day with 3 minutes left. I think this is for people piling in to get a chance at a nice bottom fishing play. Should see a good open because of this. Note: We may see 25.50 then a rocket of volume as more and more jump on board for the bottom fishing play. Other than that play I dont really see anything that would make me want to hold this long term. The good news is another RSI bounce is in our near future which may finally give us the turning point WEED needs. If not and its a red day there is a whole lot of nothing until 24.15 (weak) and 22.00 (Strong) and finally the 200 day MA sitting around 20.00.
Note if this is the bottom we have been looking for then $30.00 should be back on the table in the near future. You would like to see this break 27.50 on the daily for this to be true.
Note if this is the bottom we have been looking for then $30.00 should be back on the table in the near future. You would like to see this break 27.50 on the daily for this to be true.