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Cannabis Sector getting smoked over 10% down across the board.
Without an over the top catalyst to push out of correction - cannabis has no chance.
People say, "These are cheap levels" but those same people been saying that for almost 10 days since the decline from 12.50.
DON'T CATCH A FALLING KNIFE. If you buy and get a morning gap-up, then sell it for a quick flip. You can also average down (if needed) to lower your average trade price for a flip or minimize the loss (but keep in mind you're risking more money and must have twice the discipline implement a stop-loss trigger).
Large buys painting the tape. Cannabis sector all hitting the bottom supports at same time - reversal week for sho....
Sector is Extremely Oversold.
Those who believed cannabis was down, due to broader markets, now see that the company response to them was bogus. You cannot believe what the company responds to you - they're not traders, nor will they give you #facts.
It’s $ACB and has always been available and displayed on TOS; effectively as of 10/17.
Demand over supply; now the chart needs the same problem $ACB
ICC remains interesting. ICC Labs Inc. produces and sells cannabis in Uruguay. The company has market cap of $196.11 million. It offers recreational cannabis, cannabinoid extracts, and by-products for medicinal use, as well as industrial hemp. It has a 82.35 P/E ratio. The firm was formerly known as ICC International Cannabis Corporation and changed its name to ICC Labs Inc.
Meeting details below:
https://globenewswire.com/news-release/2018/10/03/1601077/0/en/ICC-Labs-Obtains-Interim-Order-for-Arrangement-With-Aurora-Cannabis.html
Cannabis stocks held support 3x this week - basing (accumulation); things pick up next week. EXTREMELY oversold. Loaded up today - next week we change the trend.
Safe weekend, all. Next week out of correction and stair stepping upwards.
Yes, but basing seems to have formed support levels. Very oversold conditions.
Agreed buddy. Support is holding on all cannabis stocks from this week.
All holding support; another sell the news day (especially with the short seller report).
Actually more than that, but what?
https://investorshub.advfn.com/uimage/uploads/2018/10/26/bofjvCapture.PNG
7.00 at this point (3x this week).
Always better price, until support base is found. As of now the 7.00 is key. They may attempt to re-test support again to trigger stop-losses. This causes a spike on the sell side. We'll see how it plays out. The daily close is the most important price point for me.
well expected with all the pre-legalization hype.
I'm sure the report is catching attention for people wanting to jump into the sector now with the short squeeze potential.
Added another 3500 shares today, off the support re-test. They may try to hit it again hit stop-losses. We saw buyers step in on the 15 min hammer, which could have also been some short covering in combination.
I'm quick to sell to protect capital, as needed, always.
Agreed @ 7.00. Short-squeeze in this sector would be enormous, but the institutions need to drive the price and cover.
Must maintain close above 7.00 to avoid it becoming strong resistance.
Justifies the oversold. 7.00 must hold on closes to avoid more downside and cause 7.00 to become strong resistance. We know buyers stepped in on today's huge hammer - need institutional money to cause the 'rubber-band' snap causing shorts to cover and drive price above $8.00 (out of correction).
News: Short sellers made more than $450 million in profits on cannabis stock during a particularly weak two-day stretch following Canadian legalization, according to S3 Analytics. Analyst Ihor Dusaniwsky said this week that short sellers are digging in on cannabis stocks and see more downside ahead, particularly in a handful of names.
“At the moment, there is a large concentration of short selling in the sector, with only seven stocks having over $100 million in short interest and the top twenty shorts in the Cannabis sector making up over 98 percent of the total short interest in the sector,” Dusaniwsky said in an Oct. 23 report.
Canopy Growth: $677 million in short interest for U.S.-listed ticker, $280 million in short interest for Canadian ticker, $181.2 million in total October profits for short sellers.
Aurora Cannabis Inc (NYSE:ACB) $458 million in short interest for U.S.-listed ticker, $197 million in short interest for Canadian ticker, $128.9 million in total October profits for short sellers.
GW Pharma: $315 million in short interest, $68.3 million in October profits for short sellers.
Tilray: $306 million in short interest, $42.4 million in October profits for short sellers.
Cronos Group Inc (NASDAQ:CRON): $236 million in short interest for U.S.-listed ticker, $37 million in short interest for Canadian ticker, $70.8 million in October profits for short sellers.
They're not going to give that info out, unless in a SEC Filing or Press Release.
Cannabis breaking down; support level to be re-test. Unreal ans they were almost all green.
Almost all green
Agreed. Just takes patience. Following the trading plan.
Not worried about news. I trade for a living and invest in other areas of tech. News just fuels psychology - I don't get wrapped up in it. Yes, cannabis is going to be a huge market allowing institutions and mutual funds to find areas of growth - as long as the institutional guidelines (by each firm) allow cannabis to be in their portfolio.
Never married to a stock; always protect capital and take profits off the table.
I didn't buy 2,000 more shares this morning on hope
Not bold; facts.
All cannabis green by end of day.
$ACB about to turn it up (above 7.40 hold into support). Sector is turning support levels into holding levels.
Cannabis stocks attempting to bounce intraday.
Cannabis = big boards and ETF.
Agreed. 7.00 has proven support 3x this week.
7.00 holding 3x this week. Healthcare sector getting smoked today; almost in correction territory. $ACB needs to get out of correction (close above 7.43).
Just need to break resistance 7.43 - 7.47; turn into support.
Hold above 7.47 gets $ACB rolling.
7.00 support confirmed.
Enormous hammer on 15min climax.
Very Oversold. Loaded up heavily zhills. Plenty of money at lower levels if it decides to do any re-testing below 7.00.
Added heavy 6.85 - 7.04; too oversold not to load up now.
I have $25k waiting at 6.00 if it wants to go down.
Another gap down open today folks.