Shaping the Future - an analysis on GWPH
Updated
Good Afternoon and welcome to an analysis on GWPH.
Looking at the chart we can see that GWPH broke through the support line on 2/22 and is now testing it as the current Major Resistance line. We have fallen to the Major Support line on 3/2 and bounced back up to touch the resistance line again. We almost looked as though we were going to break into the resistance line however all indicators show we are heading back down, at least for the short time.
Looking at the DMI the +DM and the -DM touched briefly on 3/9 but then like a magnet split away from each other. The ADX is still above a 25 (barely), but nevertheless it is still above the signal line showing we are in a strong trend, and that current trend has been bearish. Plus the RSI hit my projected downward line and turned to head back south helping to confirm we indeed could drop further. The MACD is relatively flat and has turned up but it is still below out signal line as well.
From the looks of the chart at the moment we could definitely head back down to touch the support line again. A good entry point would be between $109 and $111 with placing a stop loss just below the support line to minimize loss.
Since Sep. of 2016 we have been in a trading range from roughly $95 - $140. Currently we are on the lower end of that spectrum. My personal opinion, with more doors opening for the legalization of marijuana in different states in the US and in other countries, I believe this GWPH is a good long hold. They have an A+ team, and I believe they will shape the future of cannabis-based therapeutics.
Happy Trading :)
Much Love
DustyPH
*all comments are welcome*
***This information is not a recommendation to buy or sell***
Looking at the chart we can see that GWPH broke through the support line on 2/22 and is now testing it as the current Major Resistance line. We have fallen to the Major Support line on 3/2 and bounced back up to touch the resistance line again. We almost looked as though we were going to break into the resistance line however all indicators show we are heading back down, at least for the short time.
Looking at the DMI the +DM and the -DM touched briefly on 3/9 but then like a magnet split away from each other. The ADX is still above a 25 (barely), but nevertheless it is still above the signal line showing we are in a strong trend, and that current trend has been bearish. Plus the RSI hit my projected downward line and turned to head back south helping to confirm we indeed could drop further. The MACD is relatively flat and has turned up but it is still below out signal line as well.
From the looks of the chart at the moment we could definitely head back down to touch the support line again. A good entry point would be between $109 and $111 with placing a stop loss just below the support line to minimize loss.
Since Sep. of 2016 we have been in a trading range from roughly $95 - $140. Currently we are on the lower end of that spectrum. My personal opinion, with more doors opening for the legalization of marijuana in different states in the US and in other countries, I believe this GWPH is a good long hold. They have an A+ team, and I believe they will shape the future of cannabis-based therapeutics.
Happy Trading :)
Much Love
DustyPH
*all comments are welcome*
***This information is not a recommendation to buy or sell***
Note
We just broke above the resistance line, on our way up to around $130 now
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