Potential for breakout to low $5's or breakdown to $3.70
Traditionally this stock has experienced massive resistance at the $4 to $5 level. There is no reason to expect this stock to break out of this zone beyond spikes above or below the range until more growth is confirmed or EPS improves.
Overall market sentiment on marijuana is likely to remain neutral to bearish as some companies will go bankrupt while others will show moderate success with increasing retail locations.
Too many resistance points in the short term and a gap to fill in the low 3's. Lastly, volume has died off by 1/3 each day of the rally since earnings. Back under a million in shares traded will ensure OGI does not breach resistance levels.
I'll remain skeptical on this one in the short term.
Still bullish long term.
Stop loss @ $3.70 or $4.20, depending on your risk tolerance.
If the price stays in the $4.20 to $4.80 range this will be a channel players dream.
Overall market sentiment on marijuana is likely to remain neutral to bearish as some companies will go bankrupt while others will show moderate success with increasing retail locations.
Too many resistance points in the short term and a gap to fill in the low 3's. Lastly, volume has died off by 1/3 each day of the rally since earnings. Back under a million in shares traded will ensure OGI does not breach resistance levels.
I'll remain skeptical on this one in the short term.
Still bullish long term.
Stop loss @ $3.70 or $4.20, depending on your risk tolerance.
If the price stays in the $4.20 to $4.80 range this will be a channel players dream.
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