LONG GRO (GRO.ca - TSXV) MInteresting set up here on the monthly $WEED.ca $HMMJ.ca $CGC $MJ. Higher low on the weekly and monthly
Mj
The $CRON -ic is here to stay (Canada legalization)2018 is the year of legal weed in canada; listed on NYSE a few weeks ago as well so us americans can get some decent exposure too without having to fuss with the TSX or OTC nonsense.
I see a breakout of the ichimoku cloud, a fractal breakout being called by williams trader beta, and also a trend breakout.
Wouldn't surprise me if we dip and test the pennant again before we go up..
Decent RR here 3.5:1 (manage your risk accordingly)
GL HF
xoxo
snoop
LONG set up in ABCN (TSX)nice consolidation here. 1.70 trigger long on the break of the three recent peaks (better seen on daily
CBWTF Long ideaThese long consolidation patterns (seen in the box) tend to break out to the opposite side that the trend entered the box. So I expect this stock to move higher once it breaks out of the consolidation. When that happens may require patience.
$Weed Triangle break out and Fib levelsTriangle break out and Fib levels, $33.60 is Fib level .382 , RSI not overbought on daily, so it could run another day here. 3rd senate reading June 7th. ACB bought Leaf for 3 billion. Look for higher low to form, then enter if you are not in yet.
On watch. WEED.ca (TSX)Multi-month triangle forming here. Canada set to legalize some time this summer, this triangle and potential break out could correlate with that time line. Long on a break with volume
HMMJ - Canadian junior LP's triangle breakout?Triangle pattern might be ready for breakout after 2nd senate reading passed 44-29 votes. 2 more months until 3rd reading in June.
APH - Long term bullish pennant, short term consolidationLong term bullish pennant, short term consolidation. 2nd senate vote (reading) for bill c-45 is expected in march, 3rd vote in june. Watch volume in $Mj , the US weed etf. No volume in sector ever since end of january. Watch weed as well, the lead company.
HMMJ - Descending channel, support and resistance levelsIf hmmj closes below $18.15, I think it gap fills down to $16.94. If it closes above $19 , the upper trend line with volume. Then, it would be bullish. Legalization senate votes schedule - March and June. Follow the $MJ stock, there has been no volume since the markets sold off end of January. Need the US buyers to come back...
short term bullish in HMMJ Bought @ $23.53
Stop @ 23.66
Target 26.18 (based off Fib Ex)
RvR is over 4 to 1
Shares purchased: 40
Mitigation: No
HMMJ nice RvR on the 15min HMMJ appears to be consolidating along side the whole CDN cannabis sector. I'm just paper trading to get a feel for this ETF during this consolidation.
TWMJF (CGC) possible breakoutLooks like a healthy continuation pattern. Watch for the break of the downtrend resistance line for a breakout, or break of support which will likely indicate the pattern has failed.
OWCP is not going to the moon.While many fans of marijuana stocks are pointing towards an upward move, i am sure that this stock has reached it's peak for a long time now. The chart shows a lot of stagnation and resistance near 0.70 and the stock could dip lower anytime now.
Many factors point towards a red flag:
1) This company is based overseas, and conducts research overseas, meaning there are very few ways to monitor their progress when it comes to their claims.
2) This is still a pennystock, while some might be tempted to take risks, the slightest mistake by the company will cause investors to lose all their money, rapidly.
3) If the pharmaceutical research fails, the owners could dump their shares knowing they cannot profit further from this venture, causing investors to lose their money.
4) The only product they got going for them is a skin cream, and this has very little impact of the market as it is.
I see people pumping thousands into this stock hoping for an easy pay day, don't do it. Wait until it dips and take the risk on a smaller scale, if it goes up, average up and rack in the money. Is this a pump and dump ? Judging from the company's audited statements, probably not, however they are walking on thin ice here, so don't jump into the hype.
