Marijuana Cycles?
Yes Marijuana Stocks have Cycles and I took some nice profits yesterday and the remainder today near the open. Here is an update for the sector that I posted on my site last night before today’s news came out… (Note: Yesterday I took profits on half my position in Emerald Health EMHTF at $6.53 and the cycle high, thus far, was $6.62)
While Elliott Waves are not my specialty, I do believe in them and use them in my work. Here are three charts showing 2+ year weekly patterns that sure look like Wave 5 up is currently in play. Note that volume is actually declining as we are moving into the current high and that the RSI on the weekly on all three is in the nosebleed section.
Lastly the current move is Parabolic in nature and similar to what we saw in the Wave 3 Tops. Note how the RSI back at the Wave 3 tops was also very high. This is one of the reasons I took some chips off the table yesterday.
Thanks Surf.
Let’s hope that we will see the same behavior we have seen both in bitcoin and pot stocks over the last 2 years in gold/silver stocks before we get all VERY old! 🙁
Thanks Surf….nice trade…nice cycles….great stuff
https://investingnews.com/daily/resource-investing/agriculture-investing/cannabis-investing/cannabis-marijuana-international-regulations-approval/?as=1&nameplate_category=Resource+Investing
usa schmoo S A
good article….pays to keep tabs on this “budding” industry
🙂
Trumps’ legal threats were the needed catalyst to make the correction. Most stocks bounced down to the moving average. The 2 that held their ground and went up today were lg.v (lgc capital,) , cannabis wheaton, and even harvest ended up as they are selling in Europe. One thing is usa tax laws make it illegal to trade this stock as it isdeemed an illegal substance so may lose some buyers and even exchange tickers if the ginger haired potus desires so.I am sure this will all get rectified as long as the feds get a piece of the pie in the end. Keep on smokin’ 🙂