All WEED stocks are very hard to read today. No trendlines no news and all other markets are running sideways. This stock can play out in one of two ways.
Open Strong and break and hold 12.30 on a retest then we should make another run for 12.75
However since the volume has been pretty week for most of the day and no real news plus a 200 MA on the hourly chart at 12.45 rejecting runs 5 times in the past 2 days. I am looking at this stock to open and lose that 12.05 support where we will do some more consolidating around 11.80 *(I would buy here) or go all the way back to that 11.44 support. Where it would be a must buy.
My analysis here is that on previous 20% runs the stock has always given back at least half before continuing the uptrend. I expect this should happen if not tomorrow the following day. I am cash right now and will let the market tell me my next move here.
Open Strong and break and hold 12.30 on a retest then we should make another run for 12.75
However since the volume has been pretty week for most of the day and no real news plus a 200 MA on the hourly chart at 12.45 rejecting runs 5 times in the past 2 days. I am looking at this stock to open and lose that 12.05 support where we will do some more consolidating around 11.80 *(I would buy here) or go all the way back to that 11.44 support. Where it would be a must buy.
My analysis here is that on previous 20% runs the stock has always given back at least half before continuing the uptrend. I expect this should happen if not tomorrow the following day. I am cash right now and will let the market tell me my next move here.