Cannabis / MJ Stocks Reversal Noted
Today a bunch of cannabis stocks showed up on my screener with
some good price action and high relative volume.
I set up a composite chart using some of the more heavily traded
stocks but no OTCs as well as a couple of the ETFs and the
REIT IIPR which manages and leases indoor cultivation farms.
While I found the composite price had been drifting downward
over preceding months, it bottomed on August 1 and has
rose 30% since then. Fundamentally this is a growth
industry with or without an impending recession.
The volume indicator shows rapidly rising volume
in the past two weeks, a good support for price action
I conclude the cannabis stocks may be candidates for
swing trades presently and into upcoming weeks.
some good price action and high relative volume.
I set up a composite chart using some of the more heavily traded
stocks but no OTCs as well as a couple of the ETFs and the
REIT IIPR which manages and leases indoor cultivation farms.
While I found the composite price had been drifting downward
over preceding months, it bottomed on August 1 and has
rose 30% since then. Fundamentally this is a growth
industry with or without an impending recession.
The volume indicator shows rapidly rising volume
in the past two weeks, a good support for price action
I conclude the cannabis stocks may be candidates for
swing trades presently and into upcoming weeks.