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Marijuana stocks are among our best charts to watch for today.
Aurora Cannabis Inc.
CBA + 0.22%
increased by 8 cents to $ 8.96 on 21.3 million shares traded on Wednesday. Bank of America Merrill Lynch has named the company as one of three marijuana stocks to buy. After a strong increase since the beginning of the year, the stock has consolidated in recent weeks, but may well be close to that of cannabis stocks in general. The next target is above the March high close to $ 10.50.
Canopy Growth Corp.
GSC + 3.99%
jumped from $ 1.17 to $ 42.85 on the 6.7 million shares traded on Wednesday, and followed Thursday through Thursday news that the company would have purchased the rights to acquire Acreage Holdings as soon as the US ban on cannabis would be lifted. Equities have consolidated and have fallen slightly since their January rally, but they broke up Tuesday with the decline of their cut. We introduced them to members as a pivotal business configuration. Watch the stock to test the lateral resistance at around $ 48.50 – $ 49.
Niu Technologies
NIU -13.75%
surpassed 99 cents, or nearly 10%, to $ 11.49 Wednesday on 305,900 shares traded on no news from the Chinese e-scooter company. The title, after leaping in the first week of April, has sagged over the past week and Wednesday's move has earned it the first line of its corner down. A breakthrough here could bring the stock back to its April high near $ 13.50.
Scorpio Tankers Inc.
STNG, -4.56%
earned 97 cents at $ 24.87 on 696,900 shares traded on Wednesday. The oil carrier has announced that it will release its first quarter results on May 2nd. The title, which we added as a swing trade setup at around $ 21.75 last week, broke the sideways resistance and is now at the height of its declining top market. Watch for the move next to $ 27 – $ 27.50.
See Harry's video chart analysis of these actions.
The author does not hold any of the titles mentioned.
Harry Boxer is the founder of TheTechTrader.com, a trading room offering stock picks, technical market analysis and graphical presentations.
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