Take a Hit or Let it Sit?
The weekly chart shows Planet 13 currently entering their primary cycle of 4th - 5th (right after an interval 5th wave ended). A small amount of divergence is starting to peak through the MACD and I would expect it to showcase more divergences as the week(s) more forward, leaving this cycle to appear almost complete mid May.
When approaching the POC target ($1.70-1.75), proceed with caution as the legs on this support table seems a bit wobbly and may be unstable to support all that volume on top and may crash near the prior support of $1.56, which come have a domino effect.
As it is, there's no chance I will take a hit of this joint, instead I will set my alerts around $1.75 and see if there's a correction in May. By doing a few other cannabis charts, this may just be a small correction that extends the impulse through the summer, but still could be one to find some profits.
The weekly chart shows Planet 13 currently entering their primary cycle of 4th - 5th (right after an interval 5th wave ended). A small amount of divergence is starting to peak through the MACD and I would expect it to showcase more divergences as the week(s) more forward, leaving this cycle to appear almost complete mid May.
When approaching the POC target ($1.70-1.75), proceed with caution as the legs on this support table seems a bit wobbly and may be unstable to support all that volume on top and may crash near the prior support of $1.56, which come have a domino effect.
As it is, there's no chance I will take a hit of this joint, instead I will set my alerts around $1.75 and see if there's a correction in May. By doing a few other cannabis charts, this may just be a small correction that extends the impulse through the summer, but still could be one to find some profits.
