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Glass House ($GLASF): Buy or Sell?
Glass House Brands' cannabis ticker stock price action started to run north on 8/17 and rallied +.89 cents (+44%) from a low of $1.99 and recent high of $2.88. The prior rally (July) ran $1.03 (+52%), does this signal a buy or sell for $GLASF?
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Glass House Brands Stock Chart Analysis and Price Action Prediction
When applying my chart analysis towards $GLASF stock price action, three things pop out... 1) Glass House Brands stock price a lot of the times works into bear wedges. In fact, if you were to take a look at a weekly or monthly chart you will see it's just one big bear wedge. 2) the volume gap that has stained this pot stock in recent months (highlighted with horizontal purple-ish rectangle bar), as you can see it either gaps up or down, or plows right through, not a good support level to base trades off of. 3) Lastly, the POC is under price action and has been for a while.
It's good to see POC getting a lot of respect as you can see price action tends to be supported by the POC pretty consistently. Unfortunately, that doesn't rule out the bearish wedges that form and is already in motion, in my opinion and I believe $GLASF will sink a little lower to continue already said momentum as $2.06 would be my first target for an opportunity for a pivot, but if that level fails, expect new low of $1.80 to take place. $GLASF Stock Divergence (4hr)
The current bearish trend cycle shows no signs of divergence, which indicates that the divergent state might appear once the 5th wave starts or giving investors a trading opportunity and showing divergence during the cycle correction/pullback.
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.