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ACBFF, CGC, CRON, TLRY — Stock Charts to Watch

Charts of the Day video for Monday October 15th, 2018


Aurora Cannabis Inc. (ACBFF), a swing trade of ours, gained 1.16, or 11%, to 11.68, 14 million shares on Monday. It popped in mid-Aug, formed a platform, held the moving averages, exploded on a breakaway gap, ran up, formed a rising wedge, and now the fifth wave is under way. I think that if it gets to 12.30, which I think it might do on Tuesday, this could be a 15-16-dollar stock.

Canopy Growth Corporation (CGC) broke out of a large, multi-week wedge on Monday, and jumped 7.09, or 14%, to 56.89, on 24 million shares. That’s the biggest volume since the first time it broke out. It had a big run-up that took it from 24 to 56, 32 points, pulled back to the prior low, could not get through resistance, formed a wedge, and broke out again. Wednesday Canada will be legalizing marijuana and it’s running up into that. It may take it a couple days to get up to the low-to-mid 60’s, and an outside chance of 68-70.

Cronos Group Inc. (CRON) wasn’t as strong as some of the other marijuana stocks. It had a 5-wave advance and pulled back. Wave one and two are completed and wave three may have started with a breakaway gap. It had a nice pop on Monday of 1.88, or 19%, to 11.74, on 26 million shares. It needs to follow through and get going. My target on Tuesday, and going forward, is 15, maybe 20. We need to see if it will get to mid-channel at 14, so my target is 14-15.

Tilray, Inc. (TLRY) jumped 17.34, or 12%, to 165.64, on 5.8 million shares on Monday.  It had a monster run-up and steep pullback in Oct, then ran up five days in a row, pulled back in a nice falling wedge, trading only 2 million shares, reaching resistance at 173.46. In after hours on Monday,  it ran up to 170.90.  In that zone there is resistance.  I wouldn’t be surprised at all if it made it up there Tuesday morning. Once it gets through that, there’s the possibility it could get to 200-214.

Stocks on the long side included Aurora Cannabis Inc. (ACBFF), Canopy Growth Corporation (CGC), Cronos Group Inc. (CRON), CV Sciences, Inc. (CVSI), Enphase Energy, Inc. (ENPH), HEXO Corp. (HYYDF), ETFMG Alternative Harvest ETF (MJ), New Age Beverages Corporation (NBEV), Neptune Technologies & Bioressources Inc. (NEPT), OrganiGram Holdings Inc. (OGRMF), Pyxus International, Inc. (PYX), Tilray, Inc. (TLRY), and Youngevity International, Inc. (YGYI).

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