The Top Five Cannabis Positions Continue Higher This Morning
All of our positions in cannabis stocks are higher this morning, after extending a breakout on Monday. Cannabinoid infused drink producers are higher as well, in addition to tobacco companies that have decided to get into this lucrative business. The whole group is seeing increasing interest as Canada law goes into effect on Wednesday, October 17, 2018. Recreational use is legal. 🙂
Aurora Cannabis – ACBFF
Aurora is a new position that showed up on a MarketSmith RS scan. As the group breaks higher we’ll let these winners run and continue to move stops higher. Price action is trading in a zone where there is a lack of supply. MACD and RSI are bullish as they continue rising.
Cronos Group / Biotechnology – CRON
CRON is in a range. Pre-market trading has the stock at 12.74 nearing its 52-week highs again. A breakout would be significant, as something we look forward to going into earnings. Cronos Group Inc. is estimated to report earnings on 11/26/2018.
Tilray TLRY / Cannabis
Tilray, Inc. engages in the research, cultivation, processing, and distribution of medical cannabis. The company offers its products in Argentina, Australia, Canada, Chile, Croatia, Cyprus, the Czech Republic, Germany, New Zealand, and South Africa.
TLRY based over the past few weeks, after a stellar run to 300.00 (+/-) 20 trading days earlier. The stock is currently trading 5% higher pre-market at 175.50, clearing the pivot high at 173.46. If TLRY closes above this level today, we are anticipating a push towards ATH again. We’ll take it day by day.
We’re also watching Berkshire holdings, AAPL, BAC, LUV, PG, and TEVA.
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