Weed drops below $21.00 Another monthly low. We have 8 months of lower lows.
That's called a falling knife, and you cannot catch it. In other words, don't buy the stock because it's likely to drop lower.
Many times during July and August, I said that Weed would tank to below $20 in the weeks ahead.
But a coupl of "blow hards" who are bag men, who bought at $70, continue to criticize me....
These guys post nonsense, and the know-nothing about stocks press the like button.
We have a sh**t storm, and cannot see which direction to go.
Huge bearish sentiment in the pot sector. For instance, TGOD cannot pay its bills, so they are departing from the TSX at .20 cents a share..
Hexo dropped to $2.8..., a new for 12 months( reverse the 5 to 1 split and Hexo is .57 a share.
ACB---8 to 1 split is trading at around $1.20...perhaps .30 cents higher than last year.
Weed is right back at its lows of $20.... 12 months ago.
Not only bearish sentiment, but lots of shorting.
Best thing to do:: Nothing. Meaning don't sell.
The shorts can only short the pot stocks so long as people are willing to buy at a lower price.
As I said, now is not the time to buy Weed.
Major monthly support at $19.....
If earnings are bad, Weed can easily fall lower, especially with the bearish sentiment.