A different sort of NFTRH+ update.
Let’s take a look at a few bombed out charts from the Pot sector in light of tax loss selling season that is getting in gear now, and a would-be ‘January effect’. These stocks have delivered big losses and to a degree may be bought back after the tax loss washouts.
This is not so much TA as it is just a heads up on some oversold situations. Your personal research would be warranted in any individual name. The sector is filled with over valuation, heavy competition and other head winds. This is just a tax season trade highlight. Nothing more, nothing less. The charts are brutal and generally indicating little other than the washouts and support. No basing, not bottom-making, etc. Also, there are still 2 months left of potential tax selling, so patience is a good word to keep in mind.
CGC did not quite drop to a desired buy area before the current bounce. I’d wait on it to see if 15 comes about.
APHA is in a zone of support.
Former darling TLRY has been killed. The chart has limited history but it is at the support (if you can call it that) of its original US listed price. 280/share to 23/share. That’s a lot of tax losses printed over the last couple of years.
CBD company CVSI has dropped hard to a conspicuous looking support area.
Fellow CBD (and according to Fred Lacy, best of breed) company CWBHF has limited history and has not really printed the losses that some others have. Still, it is well below 2019’s average price and could work as a tax loss candidate and/or for an investor down here at support (needs to hold the June low).
A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the technical parameters are already noted. These updates are meant as a starting point for your further research if interested. I will not personally buy every item highlighted and will sometimes sell (ref. Trade Log) any item that I do buy below target (assuming I’ve not stopped out or sold for some other reason) as I often do. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.
