Double Top
May 14, 2020 saw positive news and reported record revenue of $33.0 million for the Q1 2020 and record adjusted EBITDA of $2.7 million. Q1 2020 was the company's 10th consecutive quarter of record revenue.
GRWG continue to outpace guidance, and are increasing 2020 revenue guidance to 135M-140M and Adjusted EBITDA to 12.0M-14.0M.
On top of the good news and a 143% increase since the bottom, it has retraced back to the former high to complete a double top where we can expect some selling pressure to take place.
It has escaped out of the ascending channel on big volume, I expect it to resume the upward trending channel after we see some substantial selling at the current level and the Demark Signal.
Stop loss, a close above 7 on 4 hour chart.
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