Double Bottom?The double bottom pattern always follows a major or minor downtrend in a particular security, and signals the reversal and the beginning of a potential uptrend.
Time will tell per usual.
Cannabisstocks
Triple Bottom is In for Terra Tech - Standby for the AdvanceTriple bottom is in for Terra Tech on the day chart. Wait for the advance in the coming weeks.
- Usually form over a 3 to 6 month period. CHECK. Dec 14 - Jun 19.
- Prior Trend: With any reversal pattern, there should be an existing trend to reverse. In the case of the Triple Bottom Reversal, a clear downtrend should precede the formation. CHECK. Literally been in a downtrend since the beginning of time.
- Three Lows: All three lows should be reasonably equal, well-spaced and mark significant turning points. The lows do not have to be exactly equal, but should be reasonably equivalent. CHECK. All three occurred in the .55 - .6 range.
- Volume: As the Triple Bottom Reversal develops, overall volume levels usually decline. Volume sometimes increases near the lows. After the third low, an expansion of volume on the advance and at the resistance breakout greatly reinforces the soundness of the pattern. CHECK for decline in volume. Hope to see an expansion in volume over the coming weeks.
- Resistance Break: As with many other reversal patterns, the Triple Bottom Reversal is not complete until a resistance breakout. The highest point of the formation, which would be the highest of the intermittent highs, marks resistance. Patience is a virtue...strong resistance at numerous levels above .8.
Is the bottom in for Fire & Flower? Looking at the chart for V.FAF it appears as though things can only go up from here?
There's some speculation around Fire & Flower being acquired by Aleafia.
Interesting enough, Certain directors and officers of Emblem have interests in Fire & Flower. In particular, Harvey Shapiro, a director and the Chairman of the Company, is also a director of Fire & Flower. In addition, Mr. Shapiro owned approximately 19.5% of the Fire & Flower Shares outstanding and controls and directs approximately an additional 65% of the Fire & Flower Shares through a voting trust. Further, prior to giving effect to the offering, Maxim Zavet, a director of the Company, owned approximately 4.2% of the Fire & Flower Shares outstanding and Nick Dean, the President and Chief Executive Officer of Emblem which was acquired "Aleafia" owned approximately 0.3% of the Fire & Flower Shares outstanding.
Time will tell per usual.
TLRY (cannabis stock) BUY signals! (TLRY follows Bitcoin 2014)This is not a financial advice and I put it here only for my own record.
I have been watching cannabis stock for a while and the most exciting one is TLRY. It seems the bottom is already in (which I cannot confirm yet) or very close to the bottom. The market value is already more than 85% below its all time high ($300 to ~35$). Both RSI and MACD show divergence situation (market is going down but RSI and MACD going up) which is a bullish sign. I am not saying the bull market has started but if we see more confirmations in the near future, we can say the bottom is in. IMO, $35-$40 is already a great range (85-90% below ATH) for buying in. I already had some purchases around $35-$38 and keep accumulating around every bottom.
My near term prediction is: the price will go up to test 50% - 61.8% Fibonacci levels (around $44-$47), then we go back down to retest $35 or go below that level. I think there is a chance to go below $35 but it is unlikely to go below $28-$30. Even if you buy at the current price ($38.8) you will not lose a lot if the price goes down temporarily. My only concern is the low volume. Typically, we should see high volumes around true bottom, which I do not see that for TLRY now. So, be very cautious and set your stop-losses wisely and always follow the market as it goes on.
Also, I found a similarity between the current TLRY pattern and that of Bitcoin around 1 Nov 2014. If that comes true, we may see another large drop (final capitulation) within months along with higher volumes. Since we are already 85-90% below the ATH, to have another large sell-off we might need to go up a little bit for a while then have a large drop. Again, I do not think we go below 28$.
If you like please share with your friends and leave comments to improve my prediction and analysis.
Thanks,
WEED Nothing BullishVery bearish chart - no reason to catch the falling knife and buy until something confirms. Weekly MACD turning negative and already below the signal is confirming this down move.
No catalyst yet - I'll need at least a break of the recent weekly downtrend.
Meanwhile, negative divergence on the MACD and DMI will weigh on it.
Has Aleafia found a bottom?Aleafia is looking to retest a recent support that was made May 3rd.
If it holds then we will see a double bottom & possibly a reverse in the trend after the break through the descending triangle I spoke about in my previous post.
CronosOne of the best cannabis stock to invest here. Buy the gap you'll see today, it might go as low as 15$ or 14.50$. First target price 17$.
TNY is trading in an Ascending Triangle.On my chart I have support at roughly 66c & the next resistance at 75c & 86c.
Any material news will break Tinley flush out of this Ascending Triangle into a zone with very little if any resistance until $1.13 CAD.
Time will tell per usual.
NRTH - 48 NORTH gearing up for outdoor productionTSXV:NRTH NRTH - 48 North is a small cap Canadian Cannabis producer, ran by a highly effective management team, they are Co-CEO'd by two sharp business women, who are gearing their branding and company towards marketing to the female cannabis space, with brands like Mother & Clone, Latitude and Avitas. "48North is well capitalized to follow through on our business plan, which is focused on innovative cultivation and manufacturing, while building a portfolio of iconic, engaging, trusted, health and wellness cannabis brands."(from Investor Deck) this company has nearly $50,000,000 in cash with very little debt, Gross Margin from last financials were some of the highest in the industry. With receipt of their outdoor grow license pending Health Canada approval, they will be positioned to produce 45,000,000 grams of low cost organic Cannabis, other companies with comparable production have over $1 billion market caps. with 48 North's low cost outdoor grow and high gross margins, their 208,000,000 diluted share count could net a share price over $4 by end of the year getting them closer to their peer average based on revenues, with high profit margins this could be a unicorn in the profitable MJ companies list.
48nrth.com
Organigram Holdings: A great investment in the Cannabis Sector.OGI is one of the market leaders of the cannabis sector, trading on the All Time High zone. The 1M outlook is incredibly bullish (RSI = 71.765, MACD = 1.690, Highs/Lows = 1.9471), the 1W very stable (RSI = 62.331, MACD = 0.850, Highs/Lows = 0.1564) trading within a parabolic pattern that aims at 13.00 towards the end of 2019/ beginning of 2020. They most optimal long entry will be when the price enters the parabolic supporting channel (lower trend line - dashed trend line) as every time Organigram Holdings has touched or entered this zone, it has made new Higher Highs. We are bullish long term on this stock.
See below a similar cannabis stock we've picked:
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Sideways move pattern with MedMenGoing long from the Bottom of the sideways move with the oscillators backing me up.
$CLI enters the hemp growing marketCLI recently transitioned from an ag-tech company to one about to start growing 500 acres of high CBD hemp. With an EV of ~10m and a crop target value of several times this the companies future looks brighter than ever.
From a TA perspective there is a target at 5.0c based on prior resistance
Innovative Industrial Properties Inc $IIPROne of my favourite related cannabis company ,focused on the acquisition, ownership and management of specialised industrial properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities in the us. 2% div.
Aurora Cannabis Broadening Top - High Growth PotentialWe see a large amount of potential in Cannabis stocks as Cannabis has moved from illegal to a multi-billion dollar business. Aurora cannabis is of particular interest as it has grown remarkably as Canada legalised cannabis in Oct 18 and the firm made a number of key aquisitions and is planning the acquisition of Hempco Food and Fiber Inc furthering the firm's reach into the edibles business. However, Aurora Cannabis as with any stock in an industry in it's infancy should be traded with caution as prices tend to be volatile which could present opportunities for swing trading. Prices spiked to an all time high of 12.53 CAD on the 16.10.18 with ATR peaking, but dropped sharply and followed a downtrend as prices hugged the lower Bollinger Band. The downtrend reversed as prices moved away from the lower band and we now see the a broadening top pattern with a potential breakout back towards all time highs with the lower trend line acting as support.
Is CORBUS undervalued?At only $450mcap is Corbus Pharmaceuticals undervalued?
1) Corbus is different from other cannabis stocks as they are designing therapies around marijuana to treat fibrotic diseases. If these therapies work, some analysts put the value of their potential sales at $2bn a year.
2) At a small marketcap of $450m, Corbus could be a real untouched gem in the cannabis industry, compared to its competitors with $4bn+ marketcap.
3) After an agreement with Japananese Kaken Pharmaceutical, Corbus is on the way to receive an additional $173m upon achievement of various milestones
Resistance & Support. Ascending Triangle Breakout?The news release from Tinley today was enough to test the resistance level at roughly 85c to 86c, which is the top of an Ascending Triangle!
It would be nice to see Tinley break through this resistance flush tmrw, Friday, or possibly next week & consolidate above the Ascending Triangle.
There's not much resistance until 1.13$ CAD if Tinley can breakout of this Ascending Triangle with volume.
We could be in for a Moon Shot everyone. Tinley appears ready to knock some public MJ Companies looking to enter the "infused beverage space" off of their High Horse!
CSE:SPR - Daily equilibrium still in playThe daily range continues to tighten on CSE:SPR as we await the news on their potential beverage partnership. Investors are certainly at the whim of this deal and those who are long hope it's favorable.
Bull entries are still possible but be sure to have an exit plan in case the beverage deal does not materialize or is not up to expectations. A bear brake of the higher low pattern could indicate a good point for longs to lock in some profit, but we are optimistic the pattern can break to the upside.
I don't normally use the OBV ( On Balance Volume ) indicator, but I decided to check it out and noticed that OBV has already broken the high of the bull move. This is notable and could indicate some serious accumulation. I don't normally use this indicator, but this is a way of reading it as I understand.
Triple Top or Possible Bullish Bat?With the Cannabis sector on a decline we have a nice triple top pattern forming. Once TSXV:VIVO breaks through the neckline, the potential bullish bat play will be out the window. If we break through and retest the neckline then we can expect to see a move to the downside in equal distance as from the neckline to the top. I am not one for shorting but I am waiting to see if we have a confirmation on the potential bullish bat. It's not your textbook Bat setup but its pretty close.
What do you guys think?
