As you know I have stubbornly refused to abandon the Cannabis MSO (multi-state operator) play. Indeed, I am slowly positioning with the view that last year’s high fliers are getting sold down by this year’s tax loss sellers. They chased them higher then, and I am buying lower now.
Planet 13 is a former holding that I added back this morning and technically it is representative of the entire sector, which has been beaten down to and/or near support as noted each week in NFTRH lately.
As you can see, PLNHF has now started to tick the top of a support cluster that includes the 62% Fib retrace level (of the rally out of the 2020 low). I began a position this morning and would plan to add (market-willing, as always) at around 3.70, which is the 62% Fib. If the Pot story is not busted in some way that I do not see, this zone is a low risk buy-back area. Below 3.50 I’d have to reevaluate that view.
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.
