American Green Inc (ERBB)

[Night_Falls]

Hammer or Hanging Man?
http://stockcharts.com/h-sc/ui?s=ERBB&p=D&yr=0&mn=4&dy=0&id=p84514984508

Today's price action brought ERBB a mixed signal.
Either it's a hanging man (bearish) or it's a hammer (bullish). The technical outlook is dependent upon interpretation especially whether you think ERBB is in a downtrend or uptrend. Personally, I'm not convinced ERBB is in an uptrend just yet because the rise over the past few days has been somewhat parabolic. Therefore, I'd say today's candlestick is a bullish hammer that may be signaling an end to the overall bearishness of the past few months. There are obvious fundamental factors that are providing some activity in the MJ sector (elections) and for ERBB (new Zazzz/Zazzz placements due soon).

To the contrary, today's candlestick could be a hanging man, signaling a quick end to the recent rally. ERBB doubled from the recent lows and plenty of flippers would be happy to get out.

Unfortunately we have to wait until Monday but if I wouldn't want to be fighting the recent momentum with a short position on MJ stocks right now. Along with today's black candlestick comes a likely double bottom flashed when the October low failed to drop below the August low. I posted about that a while back and that's what had me buying at .015.

Next few weeks should be fun. I got my popcorn and Zazzz pen ready for the show