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Green Thumb Industries ($GTBIF) - Stock Chart Analysis and Price Prediction [Dec 02, 2022]12/2/2022 Green Thumb Industries Inc. ($GTBIF): Buy or Sell?
Green Thumb Industries Inc. cannabis stock chart looks heathy, providing new highs and higher lows. While making it's way down to support levels, is it time to buy or sell?
Green Thumb (GTBIF): Stock Chart Analysis and Price Action Prediction
After apply my technical analysis towards the cannabis ticker $GTBIF, I have decided that, although this corrective rally has produced some strong candles, none of the candles closed over my bullish support levels at $14.67 (for the monthly timeframe). This makes a new bear cycle in motion and will try for new lows.
What appears to be a potential 'soft landing', my first price target will be $9.48 via monthly, but will look for $6.92 to come into play.
Taking a closer look at the weekly timeframe, we can see that the price action does reach my $14.67 bullish support level, but fails (nearly 4x) to clear anything over the prior cycle threshold, making shorts in the winner circle and likely triggering some stop losses on the way down to force more selling pressure.
This move, in my opinion, starts the 5th wave of the primary cycle and although it's impossible to predict the first wave of each, I believe if $6.92 fails, $5.82 will try to act as support. 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.