The majority of cannabis stocks posted a lower high and lower low initiating a pullback. I believe this pullback to be a healthy cool-off after the strength cannabis stocks have demonstrated through 2019.
Aurora Cannabis next stop after this pullback is $13, and perhaps a challenge of the 52 week high (more likely we will need 1 more cool off before we get there for a healthy trend)
In this video we talk about the general cannabis market direction, where it may go and what I am looking at on the charts.
Do we cool off by consolidating or pulling back?
If we pullback, how far is healthy?
When does the pullback challenge the bullish momentum in cannabis stocks?
Am I bullish, bearish, or neutral? (I won’t make you watch the whole video to find out, I’m bullish but remaining cautious)
Why I have $13 as the next higher high for Aurora Cannabis
Charts Reviewed in Today’s Video:
Horizons Marijuana Life Sciences ETF HMMJ
Aurora Cannabis (ACB)
Canopy Growth Corporation (CGC WEED)
48North Cannabis Corporation (NRTH)
Medipharm Labs (LABS)
Quadron Cannatech Corporation (QCC)
All of the above stocks are either on the Toronto Stock Exchange (TSX) or Canadian Securities Exchange (CSE), all of which have an OTC (US) or New York Stock Exchange (NYSE) equivalent ticker.
Disclaimer: Investing in the stock market is risky and should be completed through a professional financial advisor / firm. These videos are for entertainment purposes only.