Psychedelic and Cannabis Stock Trends: TheChartGuys Analysis
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Today on TheChartGuys, we dive into the thrilling world of psychedelic and cannabis stocks. The market is abuzz with excitement following positive F2 results from GHRS and RFK Jr's Senate vote looming on the horizon. While cannabis remains in the DEA's grasp, the psychedelic sector is where the action is. ATAI emerges as a standout with a clear weekly chart pattern and a breakout fueled by significant volume increase.
Meanwhile, MMD joins the party with a breakout of its own, marking a potential long-term bottom. The focus is on maintaining profits, low cost basis, and letting positions ride amidst the market frenzy. In the cannabis realm, CMPs and CYBN struggle to make waves, with CYBN raising red flags due to substantial selling pressure. ACB's rollercoaster ride of short squeezes and earnings surprises keeps traders on their toes.
The discussion delves into the importance of forming daily higher lows and avoiding steep retracements to sustain momentum. As the market awaits RFK Jr's Senate vote, the analyst remains cautious about a potential sell-off. Safe banking discussions and ACB's recent earnings shake-up add spice to the cannabis sector. With eyes on confirming uptrends and identifying longer-term bottoms, traders navigate the volatile landscape with precision and strategy.
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ACB traded $350M today, with TCNNF having a significant volume
US Cannabis needs an up listing
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Positive feedback on Dan's content and consistency
Excitement for potential shifts in the cannabis market
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