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Monday, August 07, 2017 2:13:08 PM
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...
"Believe only half of what you see and nothing that you hear."
-- Edgar Allan Poe
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