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$TOKE Chart Analysis
Cambria Cannabis ETF ($TOKE) looks to be slumping it through a 'glued to the couch' high and wants to remain in a saggy funk. But, can this funk start producing a good high?
Quotes by TradingView
Cambria Cannabis ETF
The Cambria Cannabis ETF seeks capital appreciation from investments in the global equity markets that have exposure to the broad cannabis industry. The Fund will target investing in approximately 20 to 50 of the top companies with exposure to the broad cannabis industry based on Cambria’s determination as to their exposure to the industry. The Fund generally expects to invest in companies across a broad market capitalization spectrum of micro-, small-, and mid-capitalization stocks.
Current Buzz
Currently, the weekly chart shows completing the 3rd to 4th semi-cycle and on it's way down via 5th wave. I would expect to see a small transition into the semi-cycle correction has it will likely start to use a zig-zag (not the papers) motion finishing up the primary cycle, while displaying MACD divergence along the way (as it just started to peek through 3-4 correction).
TAKE A HIT OR LET IT SIT?
Cambria Cannabis ETF ($TOKE) is a cannabis joint I will not be hitting anytime soon. The price action from here will be riddled with divergence on the MACD and still has a little way to sell off before a cycle correction via primary trend is over.
This marijuana stock ticker is sitting in my ashtray right now at $10.12 with a pivot down to $9.52 and than $9.08 is likely. A small interval correction and back down to $8.35, where I think some support comes into play. But, it that support doesn't hold, expect to see more selling that could potentially get this price tag down to uncharted territory ($7.63ish ?). I'll set an alert around $8.10 to see if a mini-correction is set in motion, but I don't see this joint getting people too high to spark it up again. *Bonus thought: This seems to be selling without Aug. and leading into Sept. With Cambria Cannabis ETF holding a lot of Canadian stocks, one might think this continues to sell when the US cannabis stocks are ready to make a correction move in Aug.
Tags: $TOKE Cannabis ETF
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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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.