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The Cannabis Stocks Are Dropping, Here's The One

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ITMS Member Level  Thursday, 05/09/19 11:51:51 AM
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The Cannabis Stocks Are Dropping, Here's The One Stock I'm Waiting For $CRON

Many of the leading cannabis stocks have been declining recently. Canopy Growth Corp (NYSE:CGC) is the best of breed in the sector. This stock has held up the best in 2019. Tilray Inc (NASDAQ:TLRY) has been the worst performing cannabis stock in 2019. This stock remains in a down trend and there is really no sign of a bottom in sight yet. Aurora Cannabis Inc (NYSE:ACB) has been pulling back since March 19, 2019 and is not really signaling a buy level just yet on the charts.

The one cannabis stock that I would like to own at the right price will be Cronos Group Inc (NASDAQ:CRON). This stock has been falling sharply since February 4, 2019 when it traded as high as $25.10 a share. The stock is currently trading at $14.10 a share. Traders should note that the pattern on the chart is still very weak. CRON stock is trading below its 50-day moving average and that puts it in a weak technical position on the charts. There will be several support levels coming up for the stock in the near term, but the real institutional support does not show up until the stock reaches the 10.00 area. This is a level where I would look to aggressively own the stock. Please understand, it may take a little time for the stock to get down that low price point, but remember, patience pays.




Nick Santiago
InTheMoneyStocks

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