As you may all know the penny stock market has been smoking lately with all the news that’s going on across the country [Alright enough with the cheesy puns]. Multiple states are legalizing the use of marijuana and as a result, weed stocks such as HEMP, MJNA, CBIS, PHOT, GRNH, TRTC, FITX, among others, have produced massive gains for us and it looks likely to continue as the money has been seemingly rotating from one ticker to the next providing ample amounts of opportunity to make consistent money every day.
Here’s my take on a few of these stocks that I feel are currently in play:
HEMP: This stock is definitely due for a major pullback soon. The run basically started from 2 cents and the stock hit a high of .288 today on a crazy 3 day move. Would definitely look for signs of weakness in terms of volume and price action tomorrow for a possible huge drop to the teens, a great opportunity for shorts and bounce players beckon.
GRNH: This stock seems to be next in line in the money rotation as it had a nice break out today out of the .55 resistance level closing at the highs on very solid volume. Look for about 1,000,000 in volume in the first 3 minutes tomorrow in the positive direction to signal a continuation of this move. I am currently long 10,000 shares of GRNH at .58 with a target of .71-.80 for tomorrow.
CBIS: This is a stock that I haven’t been trading as much as the others because it usually trades in a tight range but today it had a solid move end of day on solid volume and definitely looks like money is also rotating into this one. Look for 2,000,000 in volume in the first 3 minutes to confirm a move with .25 as a target.
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