ReCap for 11.29.018
By Madbash
CGC 220m, ACB 930m, TLRY 92m, MJ (ETF) These Weed Tickers have been the sector leaders and are well off their highs, and are painfully close to breaking down through support. There is a ton of overhead resistance, starting @ 35.00, 6.80, and 117 respectively. I will not play any of these short, but I will use them as a guide as to whether the other Weed Tickers may act weak. These tickers all had morning fades and closed red on the day. There is little volatility and their range is shrinking.
CRON 177m, This NASDAQ Weed Ticker has been winding up between a range of 6.50 and 10 over the past month. I would like to see a rejection just over 9.00, or a red day to consider a short on. When weed finally gives up, and the many bag holders panic out, this could see the 4.00s within a few days. CRON opened weak, but recovered much stronger than the other weed tickers. I had a scratch play, as I shorted too soon. There were not nearly enough good reasons to take a short so far from resistance.
NBEV 73m, This NASDAQ beverage supplier has latched on to the weed mania. I doubt there will be shares, but once this gets weak it can crash hard. I will watch this for a gap down and panic to further justify potential shorts in the sector. This ticker has a much lower float than its 3 letter counterparts, and as such it shows some very volatile price action. After gapping down it steamed it’s way up from the low 4.00s to the low 4.80s It had a very violent pull back all the way down from highs to 4.15 all in a 10 minute candle. It rebounded nicely towards highs and actually closed red. A short into the push towards hod was probably a great r/r option for those with shares.
THC 102m, This NYSE healthcare corp has a horrible long term chart for longs. It is currently bouncing off support at 22 and has resistance overhead at 27. As it has had 5 green days, and a tendency to crash hard, I would consider a swing short if this goes red on the day. I know these NYSE tickers have their own kind of fluidity, so I can’t assume they will crash the way some NASDAQs and OTCs can. I played this short too early as well. It was working out, but I had to cut losses as planned when this reclaimed new highs on the daily. I see things getting stuffy at 27.00
YGYI 23m, IGCC 30m, CVSI 87m, These OTC Weed Tickers are all well off their highs so the short r/r is not great. If they can manage to stay strong they could offer short opportunity, but for now I’m just watching the action. YGYI is low volume and range bound. IGCC was one of the few strong Weed Tickers today. CVSI showed a decent continuation from yesterday’s nice green day. It is actually looking like my top potential short if tomorrow gaps down.
TNXP was today’s low float runner. I took a quick long for small gains, but I am not proud of it. Passing up those plays that have too much gamble will help me advance as a trader. There is a time and a place for that level of risk. Grow your account first.
AMZN, AAPL, SPY, QQQ, DIA, MDY, IWM, The markets had a strong day yesterday and are a little red this morning. I sense that fearfull people are taking profits, and we have another strong day today. A break and hold of 275 on the SPY would be a great indicator that the worst may be over. There was some uncertainty in the SPY today, but we seem to have formed support around 274. That 275 is going to need some chiseling to get through. All the other symbols had basically the same pattern today.
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