(CANN) will retest the 50-MA and 200-MA within the next 15 days.
After another predictable year of negative EPS and Robert Frichtel refusing to play nice with shareholders, General Cannabis has hired a new CFO to tourniquet the hemorrhaging of cash that has turned a promising pink sheet into a big question mark in the last year and a half.
Expect a pickup in volume during quarterly earnings, as CANN is poised to increase revenue and possibly dip into the black of profitability by year's end. Even if GC comes in with another quarterly loss, expect it to be a continued reduction over Q1-Q3.
While every technical indicator suggests sell or avoid buying, if you want to get in at around $1.25 a share, this stock should spike into the $3-5 range rapidly on heavy year end volume.
Keep an eye on RSI and MACD which suggest this stock is incredibly oversold. Any good news in the cannabis industry out of California or Arizona could only increase the early attractiveness from a volume standpoint.
Good luck traders!