Recently, I bought GWPH after it had been given a haircut of about 25% from where I last sold it. I had to take a small loss because it broke down last week, as you can see.
But yesterday I noticed there was a sneaky little April gap that got filled and as noted in the Trade Log…
For absolutely no chart-based reason other than a tanking price that filled a gap today [actually last week] I added GWPH as a tax loss sell-down play but also could be held as a long-term growth story.
I do now and have previously liked the story. Hype (from the Pot sector) and valuation had been my concerns. But the stock bled out much of that since the summer and now even after it has given a 23% profit for a day of holding I have to consider keeping it. The product is real, the company is growing and well, why not? I am not a stock trader so much as a portfolio twiddler.
If the market does not get off the hook I think it can reach the gap at 132 in fairly short order. It’s not a buy here however, as it finds the resistance of the 200 day moving average.
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