Fundamentals: stronger than ever. Company has enough cash thru end of next year and is shipping domestic brands and international brands. Additional revenue would exceed guidance if BAT were to commercialize license, JV finalized with Chinese company, or deals were advanced on the cannabis front. FDA process lengthy, but is a homerun if A/B approved for modified risk designation. IMO 2 yrs A/B and X-22 data likely complete via FDA, as X-22 recently filed Investigational New Drug application and sits in Phase 3 already. If the US govt necessitated nicotine levels to be regulated in tobacco products, this process likely would be fast-tracked on both fronts.
Technicals: range bound 1.85-1.90 support with oscillators pointing down, but the downtrend line from highs at 6 in March settles right beneath the 20sma. We're sitting on the trendline right now. Traders looking for key resistance level break of 20sma w/volume to pile in. That break of the downtrend would induce short covering as well and the 20sma would then become support IMO.
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