Honestly, don't know. Right now 5.90 is the next support. Just have to keep in mind the entire cannabis sector (minus one) is in bearish correction territory, along with the major indices, Tech, Oil, etc. In addition, the Asia Markets are also beat to lower levels - even finishing on the lows of the day(s). All that being said, being long is going against the grain.
Utilities and Consumer Staples remain the area of security in this damaged market.
In these correction territories; institutional type buying may be nibbling here and there, but it's only to test the waters - we're all waiting for the bottom (with confirmation) before investing large sums of money. Personally, I do not mind paying more for a stock. I'd rather be chasing and riding a stock on momentum, then gambling my money to catch a bottom, only to watch the floor continue to fall out from underneath of it.
Corrections are built into my trading plan with clear and specific criteria, so I don't make purchases in these territories until my criteria is matched and confirmed with the overall market - not just a single stock.
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