Good time to start getting long marijuana stocks
Updated
This is the alternative harvest etf I watch as my cannabis index. Note on the Quarterly the market wasn't able to close below the 10 dollar mark. On the Monthly we are right at the price level we found strong enough demand to gain momentum for the major run up 2 years ago. On the Weekly we have a promising candlestick pattern. and on the daily were finding support at the 11.00 level with a Bullish engulfing candle for Friday.
Fundamentally, if you believe the stock market as a whole is overbought (which I do too), Marijuana, alcohol, and tobacco products make good bear market stocks. People use more drugs, alcohol, and tobacco products during economic declines than they normally would historically.
Fundamentally, if you believe the stock market as a whole is overbought (which I do too), Marijuana, alcohol, and tobacco products make good bear market stocks. People use more drugs, alcohol, and tobacco products during economic declines than they normally would historically.
Trade active
I posted a Trade for Canopy Growth Corporation. Check it out on my page! Please Like and comment, I'd love to hear from you, and if I like your ideas you post, when I follow back, I'll make it rain Coins!!
Note
Looks like we might be at our first higher high/ higher low early in an accumulation range. Have been seeing bullish momentum in individual stocks.. Follow me for LIKES, COMMENTS, and COINS!!
Trade active
Still thinking were about to enter an accumulation phase, momentum indicators plus all my former reasoning is still valid.Note
Showing some support now imo. Updated on my profile. Hope you all are accumulating too!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.