It looks like the bubble has popped for good this time, and with the SAFE banking act being the talk of the town, people might not be so keen to invest in this special situations REIT. Once that bill gets passed, the special situation won't be all that special anymore.
IIPR, you should have sold more shares like the rest of your industry peers!
The trend...
US MJ names are in a variety of setups with CWEB standing out as the strongest, IAN and MMEN standing out as the weakest, and every other chart somewhere in between.
Kinda drafting this idea. Might expand on it.
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MJ ETF at the bottom but still needs time to turn. LOST A TON in the last 5 days. LIKE 20%. VERY good price for this but A LOT of MJ stocks are at CRAZY discounts. TLRY CGC CRON NEPT! This has not fallen like them.
... Is money shifting from ETF back to individual names.......
Watching for bulls to lose hourly uptrend to indicate daily consolidation underway, and watching name sin hourly downtrends to break resistance levels to tells us the daily higher lows are in. The Canadian names all haver largely the same setup across the sector, while the US names are more of a mixed bag of different setups.
CURA CWEB TRUL OH CL MMEN IAN HARV...
Weak bounce attempts on the daily so far on most names. Notable CURA reaction to earnings, watching hourly lower highs on each bounce attempt. Continuing to watch resistances on the daily charts and supports on the weekly and monthly charts.
=====PRICE TARGET $135======
LONG ENTRY $103
SUPPORT FROM 100MA AND FIB'S @$100
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Going long @ 101.62
Stop @ 99.59
Target @ 107.00 - 112.00
* Volume seems stable
* Resistance @ 106.10 seems somewhat weak. Price is holding above 100 so far
* Resistance @ 113.05 seems pretty strong
* Support @ 98.14 seems pretty strong
* Support @ 88.29 & 92.02 - Good place to accumulate for long-term hold
* RSI - Bounced @ 56 and slowly trending up to 60...
Happening on the major indexes and big tech as well. also observed on bitcoin and many other asset bubbles like the 2000 tech bubble. Seeing this pattern a lot lately, wouldn't be surprised to see it here.
Good short term scalp that will fool many into thinking there will be another impulse wave. Then dump
As part of my studies of the triangle patterns i try to test the theory .
If this is a classic Ascending triangle, ill expect a breakout in the end of next week with a sharp increase in volume.
One of my donuts i have right now is the time dimension of This triangle
Usually The formation of a triangle is more then a month.
"Just 4 the study"
parabolic rises in such short term time frames are almost always followed by big drops (see every bubble ever). with a PE ratio of almost 140 (dotcom is that you?) the big short is here.
