Long
THCX coming to the cross roads...
Next week could be crucial for THCX as volume has slowed and a wedge or squeeze is forming. I see two things possible; either it moves hard back down and fills the gap, or an impulsive move up if any big news hits.
THCX should be moving up to the TSX in May, so I view any drop in price as a good buying opportunity
If it breaks below the $4.02 - $4.07 range it should fall towards $3.90 - $3.94 (I count this as resistance because it was the gap up after THCX announced their 200 000kg deal with the SAQ.)
If it can't hold $3.90 then it's likely to fall towards $3.45 - $3.55.
On the upside, the $4.35 area is a clear resistance point that might only be broken once it graduates to the TSX.
I view all three resistance points as buying opportunities because it's a solid company with a big contractual deal, something few other cannabis companies can say at the moment.
THCX should be moving up to the TSX in May, so I view any drop in price as a good buying opportunity
If it breaks below the $4.02 - $4.07 range it should fall towards $3.90 - $3.94 (I count this as resistance because it was the gap up after THCX announced their 200 000kg deal with the SAQ.)
If it can't hold $3.90 then it's likely to fall towards $3.45 - $3.55.
On the upside, the $4.35 area is a clear resistance point that might only be broken once it graduates to the TSX.
I view all three resistance points as buying opportunities because it's a solid company with a big contractual deal, something few other cannabis companies can say at the moment.
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