So far today we have additional bullish confirmation & additional buy signals in both the cannabis sector ETF as well as my top picks in the sector which were posted as trade ideas yesterday. MJ (cannabis sector ETF) went on to break out & close above the 17.50 R level shortly after the setup was posted with nice follow-through so far today & now approaching the first price target. Previous & updated daily charts (on each of the trade ideas) below:
TLRY (Tilray Inc) triggered a buy signal on an impulsive breakout above the downtrend line shortly after posting the setup yesterday & went on to hit the first target for a very quick 21% gain. The stock is now moving above that R level which opens the door to the next target.
ACB (Aurora Cannabis) has rallied as much as 18% so far from where it was posted yesterday & is now approaching the downtrend line with the next buy signal to come on a solid break and/or close above it.
Nice follow-through to the recent breakout above the neckline (22.40 resistance) of the Inverse Head & Shoulders bottoming pattern on CGC (Canopy Growth Corp).
CRON (Cronos Group) triggered the next objective long entry on today’s impulsive break above the 7.93 resistance level.
TGODF (The Green Organic Dutchman Holdings) broke out shortly after posting the setup yesterday & closed above the downtrend line & has followed through nice so far today.
GWPH (GW Pharmaceuticals) is backtesting the downtrend line & 110.50 former resistance, now support levels today, thereby offering an objective long entry following the recent breakout.
And last but not least, we’ve had an impulsive breakout on the gap above both downtrend lines with a 40% gain on OGI (Organigram Holdings) so far today.