I highlighted this near the end of May 2021 with a research article showing how a multiple upside price wave setup may start to unfold after a recent momentum base/bottom setup across various cannabis/marijuana sector symbols.
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This Weekly MJ chart shows the deep momentum base/bottom near $19.90 with moderate upside support above $20 to $21.
We believe the recent momentum base that setup across numerous Cannabis sector stocks is presenting a very clear opportunity for traders to position trades for the pending multi-wave upside price trends.
Very similar to the MJ Weekly chart setup, this Weekly TLRY chart shows a fantastic momentum advance after a moderate price pullback from recent highs.
We are seeing strong accumulation in the recent trading volume indicated by the series of GREEN candles – suggesting the upside price trend is starting to build real momentum.
GRYN is not one of the most heavily traded symbols in this sector, yet we feel it is uniquely positioned because it has US FDA approval for its Hemp-based CBD growing and extraction processes.
If GRYN rallies to a high near $2.50 in this current trend, then the next Measured Move upside targets will be $2.79 to $3.45 if the $1.65 to $1.70 price level holds as support.
Overall, we believe the Cannabis/Marijuana/Alternative Medicine sector has moved away from the downside price trend that has dominated this sector over the past 2 to 3+ years.
If something like a moderate 11% US/Global market downtrend sets up, then we will likely see these Cannabis/Marijuana sector stocks attempt to move lower as well – attempting to reset/retest the recent momentum base levels.
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