Weekly candle chart...
1) A clear overall support line is shown
2) The weekly bollinger bands are beginning to squeeze. The support line will likely funnel the price right into a sweet spot for an intense bollinger band squeeze. Read about it here: stockcharts.com...school/doku.php?id=chart_s...
3) The fibonacci retrace shows support at the 76.4% and 61.8% levels.
...The most likely scenario is that in 3-4 weeks the price will make a rapid movement up or down. Considering we are dealing with the hottest sub-sector in the hottest sector of the market (marijuana/health) and that they have drug trials in progress, you most definitely do not want to risk shorting this regardless. So wait for bullish confirmation and buy.
...The buy criteria will be definitively breaking above the 83 area on volume. From this point you can expect a gradual run to the 130-140 level. I decided on this level since this stock has a history of fibonacci extensions of 1.618. Ultimately I feel that the stock will go much higher than that, but regarding what I can chart here today, that would be my price target.
1) A clear overall support line is shown
2) The weekly bollinger bands are beginning to squeeze. The support line will likely funnel the price right into a sweet spot for an intense bollinger band squeeze. Read about it here: stockcharts.com...school/doku.php?id=chart_s...
3) The fibonacci retrace shows support at the 76.4% and 61.8% levels.
...The most likely scenario is that in 3-4 weeks the price will make a rapid movement up or down. Considering we are dealing with the hottest sub-sector in the hottest sector of the market (marijuana/health) and that they have drug trials in progress, you most definitely do not want to risk shorting this regardless. So wait for bullish confirmation and buy.
...The buy criteria will be definitively breaking above the 83 area on volume. From this point you can expect a gradual run to the 130-140 level. I decided on this level since this stock has a history of fibonacci extensions of 1.618. Ultimately I feel that the stock will go much higher than that, but regarding what I can chart here today, that would be my price target.