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As Above, So Below - Pot Stocks Inverted
Let's face it, if you have been buying pot stocks the past year and half, being on this website just isn't for you. Is it a good time to buy marijuana stocks in 2023? This might be the craziest theory of mine, let's look at some inverted pot stocks.
In this article I won't spend a lot of time on details. Some of these charts have a lot of details and some may have very little information. I will likely take a little bit of time posting individual charts with some more detail later on, but for now let's take a look at some of these inverted cannabis stock charts and see if you see the same thing I do.
When's The Best Time To Buy Pot Stocks?
While I've been sitting on the bench watching (and play calling) for a while, I actually started buying in some of these weed stocks, nothing big as of yet, but few buys here and there ever other day for the past 2 or 3 weeks.
While some charts still show moves can happen south (north in the "Upside-down World"), I don't feel like it will be hurting much when buying in at these levels to go long. Some charts suggest another 30%-50% move red from current price action, but I like the risk(s) on most of these pot stocks. Current Marijuana Stock Sentiment
While most investors sold for tax reasons in December, it left shorts ample time to recover those shares, which I believe took place on a great scale. Most rate fee for shortable shares where at all time highs, telling me brokerages wanted their shares back.
Meanwhile, new lows sink in and it sounds like everyone is either quite and chilling holding a loss or screaming out load about their current loss(es). With such bad sentiment, I like buying when everyone is bitchin'. Definitely not a good indicator to use to confirm trend, but I like picking up broken pieces and "clean sweeping floors" when the chances provide. Buying Weed Stocks 2023
Keeping it simply, I don't know about you, but I am starting to buy down here and although I expect another 30-50% in the red, I feel like I can start looking long. Plus, if the dips are hard, it would be awesome to buying more at a lower price tag, so don't think the floor is in yet, but healthy enough to start getting my feet wet, so to speak.
As past cycles have provided, April 20 (4/20) seems to be a corrective wave, either before during or right after. I mention that because if you see/hear the correction is happening, chances are you are already to late for the trade. That said, and giving the prior thoughts, I am starting to buy here, again, with a chance it still goes red a little more. Losing 30%-50% down here is a privilege, making it easier to "double down" at these levels. The whole weed sector looks to be consolidating or finishing up a cycle, so I suspect a move coming very soon in the next few days/weeks. I used 5 day timeframe on my charts, another first for me... A little more time may be needed, but I don't expect much longer. Are you buying or selling down here? Pot StocksWriting by Nick CaskeyPot Stocks provides stock chart technical analysis for cannabis investors in the marijuana sector of the stock market(s). Follow PotStocks420 on Twitter! Made or saved money by following these charts? Consider sending a tip or donate towards the analyst's pain management fund.
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Available Tipping MethodsAvailable Tipping MethodsI just opened up a crypto account, not sure how it all works though... (click to copy to clipboard) Please send me a msg if you would like to tip other crypto. Message @NickolasCaskeyThank you so much in advance!Keep this joint in rotation, pass it along!
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Disclaimer: The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations by Pot Stocks - These are theories and ideas using a chart analysis method developed by Nick Caskey.