GreenGro Technologies, Inc. GRNH
We’ve often used the old term “If it ain’t broke, don’t fix it” around here, and it certainly seems to apply to our medical marijuana plays. We continue to see these high-flyers churning out sizable gains, time and again.
Friday was another monumental session for our watchlist with both GRNH, and CBIS trading record volume. With that surge in trading, came breakouts for both stocks.
GRNH was up another 183% on Friday, closing at .085. This represents a 554% gain from the low of .013 back when we first issued our med. marijuana report (Oct. 16).
While not the first gains we’ve seen from GRNH, Friday’s were the largest we’ve seen to this point, and on more than 10X its average volume.
We don’t think it is very likely to see a big pullback following that type of momentum, however, in the event of a consolidation, we’d like to see support hold in the .05-.06 range.
Cannabis Science, Inc. CBIS
As stated above, CBIS had record volume day on Friday. The video chart we put out that morning pointed to the fact that we wanted to see a break past the 200DMA of .07, and it happened that very same afternoon.
The stock went on to hit a high of .10, and closed out strong at .09. Being as low as .04 following our Oct 16th report, the gains at Friday’s high represent a 150% move.
Like GRNH, the momentum on CBIS was off the charts on Friday, therefore we anticipate some carry-over into today’s session.
Tranzbyte Corp ERBB
ERBB is one of the few cannabis-related stocks that is trading sub-penny. On Friday, the stock closed at a major resistance point of .004 (200DMA).
The stock has bumped its head against that point on quite a few occasions this year. Each time, it has been unsuccessful at getting over that obstacle.
Passing the 200DMA would be a major push in the right direction for ERBB, and would open the door for its next leg up. We’ll be continuing to monitor the stock for just such an eventuality.
STLK, CGRA, ACGX, LUNL, CELGZ, INO,