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Glass House Brands Inc. ($GLASF): Buy or Sell?
Glass House Brands Inc. cannabis stock ($GLASF) has been one of the best looking and strongest charts in the sector. Is it time to buy or sell?
Glass House Brands (GLASF): Stock Chart Analysis and Price Action Prediction
After applying my technical analysis, the marijuana stock forecast appears to want to sell off. While a 'soft landing' or "double tap" is possible, I don't believe it will hold true and we'll see this pot stock sell to my price target of $1.44, ultimately selling more if panic selling takes place.
With a few bi-polar variations of candle formations, it very may "double-tap" near $2 lows, but given the rest of the sector pivots, I feel like it would be a great place to trigger stop loss orders for more selling pressure.
Taking closer look on the weekly charts, we can see the bearish divergence hanging on for weeks before it finally broke. Once under $2.41, I'm sure the chopping begins to find out if the support is there to bounce or if shorts carry the weight and throw this under for new lows. I feel like if things get crazy, $.98 - $.84 comes into play.
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.