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Wedge/Double bottom?
We can see that according to the hmmj etf, the weed sector maybe undergoing a pullback with a very convincing bearish engulfing candle on the daily indicating more downside is likely.
As for VLNS we can see that it has broken out of the a wedge that has been forming for over a year but due to the sector pulling back it may have suppressed price action and I believe it will continue for a couple more days. The good new is this may give us another opportunity to collect some shares as it may retest the trendline of the wedge before going up and ultimately forming a double bottom.
With insider buying from 1.45 to 1.8 I believe this is ultimately an accumulation zone for a decent amount of upside as the sector turns around overall. Of course it may be worth to eye 1.7 incase that holds .
As for VLNS we can see that it has broken out of the a wedge that has been forming for over a year but due to the sector pulling back it may have suppressed price action and I believe it will continue for a couple more days. The good new is this may give us another opportunity to collect some shares as it may retest the trendline of the wedge before going up and ultimately forming a double bottom.
With insider buying from 1.45 to 1.8 I believe this is ultimately an accumulation zone for a decent amount of upside as the sector turns around overall. Of course it may be worth to eye 1.7 incase that holds .
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