Trade PatternsYesterday's trade range was $4.24 - $5.60 with a 5.1 million trade volume.
Today's low was $4.56 and bullish momentum has picked up w/ 3.3 million volume and an hour
left in the day.
200 day moving avg is $5.52.
Technically, end of day will show whether we are in a higher-low, higher-high phase which might suggest higher price targets or does the bullish momentum break down?
Without substantive news/speculation, s/p will remain range-bound in the near term.
You'd need to see WEED keep above the $5.52 level over time rather than continue to cycle down.
The percentage of float shorted has come down only slightly at 6.2% from the recent 6.4% level whereas it was 4.6% end of January.
The short attack catalyst was their Q3 report which took the share price down to new lows.
Knowledge of potential announcements in April may curb aggressive shorting for now as it gets more costly to place those bets.
I'm noticing other weed stocks have kept within a fairly tight trade range and some are meeting
the higher-highs, higher-lows indicators so we're still in a wait & see cycle.
Watch closing price...I'm just curious to see if we stay elevated or break down near
yesterday's close at $5.03. Friday/Monday price action just signified a short-covering rally
and funds stepping in on prospective news.