WEED has consolidated on the daily time frame and set a daily higher low at $33.76. We now have an inside bar to be watching for more clarity. A break above $37.39 would see the bulls looking for more upside. If we get a bearbreak of $36.30 we would look for a daily equilibrium pattern to possibly play out with a potential higher low above $33.76. The daily RSI has cooled off a bit after reaching overbought conditions recently, so the bulls may see this as an opportunity to push the price higher. The 4 and 8 period exponential moving averages are acting as support as well as the middle Bollinger band. We will wait for a break of the inside bar before entering a trade for more clarity and to reduce our risk to reward ratio.
WEED Daily Chart:
