Bots Inc (BTZI)

[JasonBourne]

Overall, mCig is bullish to me, although it depends.

mCig needs to hold the prior low at $0.22 to make this retracement a "bounce" and not a trend reversal. I suspect it will hold the 50 ema on the daily and if it does, will likely retest the prior two highs at the $0.28 level and likely breakout on good volume.

I think the marijuana sector in particular is getting a lot of hype from all the expansions into new markets that did not used to exist (due to restrictions from state/federal). The marijuana stocks that are aggressively looking to seize this opportunity to expand will benefit the most from these new regulations, which mCig is certainly doing. So on a fundmental basis, mCig looks good.

From a technical perspective, this stock looks to be making a retracement, and not a full reversal of trend. Again, the $0.22 level is the important level to watch here. If that breaks, it's a bad sign.

I believe tomorrow will bring a lower consolidation day above the $0.23 level, which is current 50 EMA support. Judging by the amount of sell volume today, though, I can't be sure that it's not a reversal. That was a lot of selloff today...