Taking a look at the marijuana/weed/cannabis industry across 8 tickers – TLRY, ACB, MSOS, HEXO, CGC, SNDL, CRON, and GNLN
This morning was quite a fake out for many of these stocks. What looked like double-digit gains in the morning quickly dwindled down to almost nothing. We are sitting in a very undecisive market and it really is making trading even more reliant on Waiting for Confirmation!!
TLRY – seemed like it was making a real attempt at breaking the 100 Moving Average, only to see a double-digit gain wiped away. This is sitting in a cluster of 4 Moving Average, meaning it should move horizontally until it pops up or drops down.
Technicals indicate dropping down being more likely
be careful here (short term, at least)
safest entry is to wait for confirmation of a break of the 100 Moving Average on the Daily
ACB – Lagging well behind most of these stocks, and really that has been the case for a few weeks now. As long as the industry struggles to maintain an uptrend, I would advise staying away from this stock!
MSOS – Really one of the best/strongest charts on the video today. This was a classic move – attempt a break, fail until a support, and bounce up for either another attempt to break or a harder fail.
I’m rooting for MSOS to break, but there are 2 Moving Average lines instead of 1. Always harder to battle a cluster of lines (even if only 2)
safest entry is to wait for confirmation of a break of the 100 Moving Average on the Daily
HEXO – Our $0.17 Support line has been used 10 times in roughly 30 trading days… there is only so many times a Support Line can save a stock before it breaks. It really seems like this line has done all it could, and we might be headed down to new All Time Lows. You know how I feel about All Time Lows…
CGC – This simply never made a bounce after the hard pop and drop. 🙁
Not too much you can do if a stock drops and there is no support line strong enough to catch the fall! $2.19 seems eminent with $1.80 not too far behind.
be careful here (short term, at least)
SNDL – Just like CGC, this simply never made a bounce after the hard pop and drop. Not too much you can do if a stock drops and there is no support line strong enough to catch the fall! $1.90 and $1.70 seem likely here
CRON – seems to be bouncing off one of my support lines; however, there is a huge cluster of Moving Averages right over the current price. Nothing is impossible; but… this is very unlikely to see a hard run through all the lines. That said, safest entry is confirmation of $3 break
GNLN – not too bad of a few day run! Yesterday; however, seemed to confirm the run will more than likely not sustain for too much longer. Id suggest banking any profits sooner than later.
That said, breaking $1.80 could see a run to $2.25
Hope you are learning!!
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