Taking a look at the marijuana/weed/cannabis industry across 8 tickers – TLRY, ACB, MSOS, HEXO, CGC, SNDL, CRON, and GNLN
With Biden’s announcement of the first step towards Federal decriminalization, almost every stock had a double-digit close. Everything happened in the last hour of trading – really over a 15 minute span.
That said, if you watch enough of my videos you know I care about FOLLOW THROUGH
A great day for a stock many people are long term investors in, and a sign of what Federal Decriminalization will do to these stock prices!
TLRY – a monster gain with the news of potential Federal changes. Like many of the stocks in the sector, this ran to the 100 Moving Average Line in the Daily Chart. The RSI is still relatively low, so if this opens positive tomorrow, there is a chance of a run to the 200 Moving Average Line.
A great day for a stock many people are long term investors in, and a sign of what Federal Decriminalization will do to these stock prices!
ACB was the lone standout of the group – not even getting over the 20 Moving Average Line. Either this one is lagging and will pop tomorrow, or it is a sign that the news will not bring long term gains.
it always bothers me when there is not consistency across a sector, and ACB was for sure the outlier
MSOS is traditionally a quiet EFT, but this had a monster gain!! Running to the 100 Moving Average and having indicators that show this could keep running if the volume holds tomorrow!
HEXO and SNDL have similar looks to TLRY with monster gains and a run to the 100 Moving Average. Federal Decriminalization is a powerful 2-word phrase! RSI and MACD looking strong, so just make sure the volume and interest is there tomorrow and we can see a continuation
CGC and CRON did stand out to me a bit. CGC was a great stock in terms of following the 8 Moving Average Line Rule and CRON actually got over the 200 Moving Average today (only one to do so). Both of these should be high on the watch list tomorrow and next week. not too far away would be TLRY
GNLN has become a secrete favorite of mine. I have $0.00 in this, but am very much rooting for it after being introduced to it in a viewer comment. There are better gains on today’s news in this video; GNLN made an important move up the Moving Average Lines. This one especially needs to see follow through tomorrow. Last thing we really want is 1 good day and a series of bad ones…
Hope you are learning!!
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