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Verano ($VRNOF): Buy or Sell?
Since my infamous "8/08" rant on twitter, Verano Holdings cannabis stock price has jumped up +51.8% ($2.46) from the low of $4.75 to hit a peak and start selling at a high of $7.19. Currently, the pot stock virtually gave all of the correction back leaving retailers with another buy if they haven't sold already. So, what's next for $VRNOF, buy or sell?
Quotes by TradingView
Verano Stock Chart Analysis and Price Action Prediction
My $VRNOF chart analysis leads me to believe this marijuana stock price will test prior lows and may even kiss under near $4.68. This is if the $4.93 pivot point (pink price line) doesn't hold support and provide a bullish turn of events.
To add, we could eventually extend here and might run up on this pullback and retest that $5.44 (orange) price target, which is set for the short's resistance level. If we keep an eye on the volume and momentum indicators, they should let us know if and trend continues or change of momentum and pivots again. $VRNOF Stock Divergence (4hr)
Verano chart analysis doesn't show any divergence being displayed currently. This makes me think that it will either start soon as the 5th gets going, or if not, we might see it started during the correction, giving investors who are long a good time to see a potential trade.
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.