The Cannabis Stocks Are Dropping: Here's The One I'm Watching
InTheMoneyStocks.com | May 09, 2019 02:40PM ET
Many of the leading cannabis stocks have been declining recently. Canopy Growth (TO:WEED) is the best of breed in the sector. This stock has held up the best in 2019. Tilray (NASDAQ:TLRY) has been the worst-performing pot stock in 2019. It remains in a down trend and there is no sign of a bottom in sight yet. Aurora Cannabis (TO:ACB) has been pulling back since March 19, 2019 and is not signaling a buy level just yet on the charts.h3 Watch This Stock/h3
The one cannabis stock that I would like to own at the right price is Cronos Group (NASDAQ:CRON), which has been falling sharply since February 4, 2019 when it traded as high as $25.10 a share. The stock is currently at $14.10. Traders should note that the pattern on the chart is still very weak. CRON is trading below its 50-day moving average and that puts it in a weak technical position. There will be several support levels coming up for the stock in the near term, but the real institutional support does not show up until the it reaches the $10 area. This is a level where I would look to aggressively own Cronos. Please understand, it may take a little time for the stock to get down to that low price point, but remember, patience pays.
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