Cannabis Science Inc (fka CBIS)

[buckyboy]

Technically a bullish flag pattern has formed.

http://www.trending123.com/patterns/bull_flag.html

A 50 percent retrace on the entire move (01 - 071) was put in place on 1/25/12 and resulted in a slighlty bullish doji which closed above the prior days closing. Thurs and fri show consolidation.

If the issue starts to trade above 05 on strong volume (more news probably required), then technically CBIS has a real shot at filling the cup from that wick on 3/31/11 at 0099. Lots of MM levels to go through before that happens, but that is basically the price action suggested by a bull flag pattern.

(The following is in the link above)

Target Price

It is commonly held that the length of the flagpole indicates the potential price increase. When the Flag completes, the price typically jumps to replicate the height of the original flagpole, while continuing in the direction of the inbound trend.

If the FDA gives the green thumb for the IND, then hold onto your hats (JMO)

http://www.fda.gov/Drugs/DevelopmentApprovalProcess/HowDrugsareDevelopedandApproved/ApprovalApplications/InvestigationalNewDrugINDApplication/default.htm

All JMO