Investors are searching for profits in the rapidly shifting social and legal landscape of marijuana. The standout in this respect thus far has been GW Pharma. The company has already received approval for its pharmaceuticals in the UK, and is in Stage 2 trials in the US. The market has been good to GWPH in the past year as well, and the Chimps have already recommended profitable trades in this company during that time.
Now we have been given another buying opportunity. As shown on the chart below, price has returned to the bottom of the MAC channel, our current level of support. According to our MAC Continuation method, this constitutes a buy trigger.
AMBA continued to rise with GPRO, though we must wait for a return to support in order to find an appropriate point of entry. This is significantly below current levels, as can be seen below.
TSLA also remains above MAC low, though a sideways move in tech prevented a strong end to the week. Currently trading within the channel, it is a candidate for a buy trigger this week.
Although cybersecurity as a sector has gained for three weeks in a row, not all players have benefitted. Our trade in FEYE has closed reaching profit targets 1 and 2. Since it has closed below the channel, we will have a new trade in FEYE next week. See our trade recommendations for more details.
Finally, social media continues its rally, and our pick LNKD is one of the major beneficiaries. One week fully above the MAC channel with Williams above 57 wk MA is a setup for a possible MAC Breakout buy at end of week.
3D printing and Internet of Things remain in significant downtrends. Our picks, SSYS and SWIR both reflect this in the technicals. For these symbols, we remain on the sidelines until further notice.
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