Taking a look at the marijuana/weed/cannabis industry for a 7th time across 8 tickers – TLRY, ACB, MSOS, HEXO, CGC, SNDL, CRON, and GNLN
Almost all 8 tickets had bullish setups on the last week’s video (9/12); however, the each failed to break their respected resistances and the entire sector dropped the last week. This is why I always stress confirmations.
TLRY – The 4 bullish days that lead up to last week’s video on the 12th did not have the continual follow-through we wanted. There was no confirmation to signal a strong break of the 8 moving average line and the $3.44 resistance. If Tilray fails to close above $3.11 tomorrow there is a good likelihood of a continued drop down to the $2.75 range
ACB – The 4 bullish days that lead up to last week’s video on the 12th did not have the continual follow-through we wanted. There was no confirmation to signal a strong break of the 20 Moving Average. Failing to get over the resistance line at $1.65 was another indicator of a stalled run.
MSOS – 🙁 Really hard rejection on the 100 Moving Average seems to be driving this lower. This ticker is starting to get into the desperation zone because if this closes below $10.34 there is a very strong likelihood MSOS heads into All Time Lows
HEXO – We are sitting at an important cluster of Moving Averages and Resistance Lines, and just like the rest of the sector, it failed to break through key resistances; the 20 Moving Average specifically. Similar to MSOS’ warning, if this closes under $0.18 there is a very strong likelihood HEXO heads into All Time Lows
CGC – Last week I mentioned there is a very important test with the 100 Moving Average line coming up, and just like the rest of the sector, we saw a failure to break resistance. It has been a while since CGC has been over the 100MA line too… Losing the 50 Moving Average on the Daily Chart is worrisome, especially in the short term
SNDL – this was sitting at an important cluster of Moving Averages and Resistance Lines, and just like the rest of the sector, we saw a failure to break key lines. SNDL must remain above $2.50; otherwise, there is a 10% gap down to the next support line at $2.22
CRON – This ticker really tried the hardest to not drop like the rest of the stocks. Though we saw the same run and fail from last week to today, CRON is still trying to maintain the tight cluster of Moving Averages and Resistance lines. This really needs to get over $3.13; however, 3 days under the 8 moving average has me worried
GNLN – added by request on last week’s posting. Unfortunately, this one seemed to hurt the most from the failure to break resistance. GNLN saw the same bullish 4 day run fail; however, the last 6 trading days seemed to drop harder than the rest. As of today this ticker is facing all time lows, and really, I would completely stay away until we get over the 8 Moving Average (at the minimum)
Using Support and Resistance lines, as well as Moving Averages, MACD, and RSI indicators, we will see how tomorrow is shaping up for these stocks
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