The Universe, week of February 22, 2016…
[Note: I publish “The Universe” every weekend, updating my support and resistance calculations for Marijuana sector stocks. It is not a projection, but a handy reference… Non-Marijuana stocks are covered elsewhere during the week.]
Last week I noted several observations of accumulation in the sector, if not of recent price turns. Not yet broad enough or of long enough duration to call a trend change. But enough near-term strength to reach the cusp between being either the end of a corrective bounce, or else the start of something bigger.
And so I also noted that the latter scenario — the start of something bigger — required something bigger and bigger to develop without delay. The alternative would be vulnerable to snapping back downward, hard.
One anecdote didn’t make the distance from my notes to being published. This was an observation that even PHOT had been showing accumulative signs. The infamous stock was too controversial to be exemplary of my thesis, so I excluded it.
And then it surged, into news Thursday of its OTCBB relisting. Its accumulative signs weren’t noise.
To many, PHOT‘s travails were a bullet that deeply wounded the cannabis sector. The concerns and caution flags raised by its SEC pursuit made lesser warnings elsewhere seem larger. A revival by PHOT would have no direct bearing on the sector’s future, but it could be a poetic end to a chapter in its past.
Meanwhile, the percentage of stocks above their 4-week moving averages improved further. While I can repeat last week’s observation, I must also repeat last week’s warning — that the improvement cannot yet afford to hesitate, unless it is only a temporary corrective bounce preparing to resolve down sharply.
| Marijuana Stock Universe for February 22, 2016 | |||
| Reference this table during stock reactions | |||
| 4-week | # up: | 8 | 9.64% |
| trends* | # flat: | 20 | 24.10% |
| # down: | 55 | 66.27% | |
| *The percentages of stocks rising or falling over 4 weeks. | |||
| symbol | support | resistance | 4-week trend |
| AERO | 0.830 | 1.260 | flat |
| AGTK | 0.003 | 0.007 | flat |
| AMMJ | 0.070 | 0.160 | flat |
| ARNA | 0.950 | 1.650 | down |
| ATTBF | 0.035 | 0.075 | flat |
| BLOZF | 0.087 | 0.163 | down |
| BLPG | 0.015 | 0.086 | down |
| BRDT | 0.012 | 0.031 | flat |
| BTFL | 0.002 | 0.005 | down |
| CAFS | 0.001 | 0.004 | down |
| CANL | 0.053 | 0.290 | down |
| CANN | 0.350 | 0.550 | flat |
| CANV | 0.110 | 0.215 | down |
| CARA | 5.350 | 9.090 | down |
| CBDS | 0.070 | 0.600 | down |
| CBIS | 0.005 | 0.017 | down |
| CGRW | 0.360 | 0.610 | flat |
| CHUM | n/a | n/a | down |
| CNAB | 0.150 | 0.330 | down |
| DEWM | 0.002 | 0.004 | flat |
| DIGP | 0.120 | 0.220 | down |
| DSCR | 0.000 | 0.025 | down |
| EAPH | 0.004 | 0.009 | flat |
| EDXC | 0.007 | 0.019 | down |
| ENCC | n/a | n/a | down |
| ENDO | 0.005 | 0.009 | down |
| ENRT | 0.005 | 0.014 | down |
| ERBB | 0.001 | 0.003 | down |
| ETST | n/a | n/a | down |
| EXMT | 0.000 | 0.004 | down |
| FITX | 0.004 | 0.006 | up |
| FULL | 2.050 | 2.520 | down |
| FWDG | 0.000 | 0.002 | down |
| GBLX | 0.117 | 0.205 | down |
| GRNH | 0.026 | 0.042 | flat |
| GWPH | 34.950 | 55.000 | down |
| HEMP | 0.010 | 0.040 | down |
| ICBU | 0.000 | 0.003 | down |
| IGRW | 0.000 | 0.002 | down |
| IMLFF | 0.110 | 0.180 | flat |
| INCC | 0.000 | 0.002 | down |
| INSY | 12.000 | 22.250 | down |
| ITNS | 0.001 | 0.005 | up |
| KAYS | 0.067 | 0.187 | flat |
| LXRP | 0.060 | 0.110 | down |
| MCIG | 0.023 | 0.040 | flat |
| MDBX | 0.006 | 0.051 | down |
| MDRM | 0.025 | 0.060 | up |
| MINE | 0.019 | 0.040 | down |
| MJMJ | 0.000 | 0.001 | flat |
| MJNA | 0.028 | 0.044 | down |
| MNTR | 0.220 | 0.036 | down |
| MSRT | 0.830 | 1.410 | down |
| MYEC | 0.008 | 0.012 | down |
| MYHI | 0.013 | 0.100 | down |
| NMUS | 0.450 | 1.070 | flat |
| NTRR | 1.120 | 1.800 | flat |
| OGRMF | 0.435 | 0.630 | down |
| OXIS | 0.470 | 2.650 | down |
| PHOT | 0.048 | 0.088 | up |
| PLPL | 0.026 | 0.069 | down |
| PMCB | 0.064 | 0.091 | down |
| PNTV | 0.002 | 0.005 | up |
| PZOO | 0.000 | 0.002 | down |
| RMHB | 0.014 | 0.033 | down |
| RSSFF | 0.030 | 0.100 | down |
| SING | 0.006 | 0.014 | up |
| SPRWF | 0.225 | 0.375 | up |
| SRNA | 0.052 | 0.087 | flat |
| STEV | 0.005 | 0.024 | down |
| TAUG | 0.001 | 0.004 | down |
| TRTC | 0.115 | 0.160 | up |
| TURV | 0.463 | 0.770 | flat |
| TWMJF | 1.800 | 2.400 | flat |
| UPOT | 0.010 | 0.050 | down |
| VAPE | 0.003 | 0.023 | down |
| VAPR | 0.000 | 0.020 | down |
| VGPR | 0.000 | 0.002 | down |
| VHUB | 0.025 | 0.048 | down |
| VPCO | 0.000 | 0.095 | down |
| WOGI | 0.001 | 0.004 | down |
| XTRM | 0.001 | 0.004 | flat |
| XXII | 0.089 | 1.395 | down |