Long Marijuana (CNAB)
Updated
Looking at CNAB weekly, it could be ready for another run. Long term, it could do very well if the marijuana sector does well.
Picked this stock because this isn't priced like a penny stock so it's easier for me to trade, but the whole sector has a lot of speculative upside.
Buy @ $2.03, stop $1.75. 2% of portfolio, total risk 0.3%. Long term buy & hold. If it rallies a bit from my buy I may double the position bringing the total risk to 0.6%. It's not really a sector I'm familiar with or really like so that's likely the limit.
Picked this stock because this isn't priced like a penny stock so it's easier for me to trade, but the whole sector has a lot of speculative upside.
Buy @ $2.03, stop $1.75. 2% of portfolio, total risk 0.3%. Long term buy & hold. If it rallies a bit from my buy I may double the position bringing the total risk to 0.6%. It's not really a sector I'm familiar with or really like so that's likely the limit.
Note
Added more at $2.20.- I like that today's rally is not a gap open.
- Other companies in the sector are going ballistic. CNBX OWCP Maybe this one is only slightly lagging?
- Daily candle looks like another back test of the break out.
- Will move stops up to the intraday low $1.85.
- Eventually will move stops up to $2.12 which is breakeven.
- Target is Nov highs in the $3 range. Will sell at least half if not all, then.
Trade closed: stop reached
Stopped out yesterday. The weekly chart still looks good, but I'm just sticking to my ill-conceived plan here. My mistake was "chasing" a rally, rather than waiting for a correction. A small price to pay for an important lesson, I believe. I will monitor this stock for another setup but there are plenty of setups out there.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.