Markets and S&P turned bearish today We have to thank Cronos today for helping CMED, and the MJ sector, bounce off some oversold condition. I had loaded up on CMED and APH and was a little worried.
But unless the wider markets turn bullish, the spike might be short lived unfortunately. Be careful in averaging up or buying at this point. In a bear trending sector and wider market, sell on any spikes. Best to wait a bit and miss a bit of the run going long than expect the sector to survive a wider market continued correction. We some some serious red flags on the wider markets S&P, Dow Jones and Nasdaq.
It's unfortunate, CMED would be a good hold into conversion but this possible market bear will mean the ACB shares won't be anywhere close to the implied value of $12.86
It would be surprising the sector being able to escape the wider sector bears. Its day candlestick still is "stay in cash" but the bullish engulfind could full it up if the market cooperate or the Cronos US trading carries the sector.
I'm here to discuss short term trading strategies and charts with traders to get input in case I'm reading the charts incorrectly.