Wed 17'th Oct 2018
General Cannabis Corp Stock Analysis
Technical stock analysis for Wed 17'th Oct 2018
General Cannabis Corp gained 0.34% in the last trading day, rising from $3.58 to $3.59 The price has been going up and down for this period, and there has been a 4.97% gain for the last 2 weeks. Volume fell in the last day by -352 633 shares, and in total, 339 744 shares bought and sold for approximately $1.22 million. You should take into consideration that a falling volume on higher prices causes divergence and may be an early warning about possible changes for the next couple of days.
General Cannabis Corp lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 30.35% during the next 3 months and, with 90% probability hold a price between $3.89 and $6.22 at the end of this period.
General Cannabis Corp holds buy signals from both short- and long-term moving averages, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down there will be some support from the lines at $3.36 and $3.57. A break down below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday October 16, 2018, which indicates further gains until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not.
Relative Strength Index (RSI)
RSI14 is 45 and the stock is currently not being overbought or oversold
Support & Resistance
On the downside, the stock finds support just below today's level from accumulated volume at $3.41 and $3.37.
There is natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, General Cannabis Corp finds support just below today's level at $3.41. If this is broken, then the next support from accumulated volume will be at $3.37 and $3.28.
This stock may move much during a day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.31 between high and low, or 9.17%. For the last week the stock has had a daily average volatility of 12.79%.
Our recommended stoploss: $3.35 (-6.58%) (This stock has very high daily movements and this gives very high risk. There is a buy signal from pivot bottom found 1 days ago.)
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General Cannabis Corp holds several positive signals, but we still don't find these to be enough for a buy-recommendation. At the current level we recommend to hold or accumulate in this position whilst awaiting for further development. We have upgraded our recommendation for this stock since last evaluation from a Sell Candidate to a Hold/Accumulate.Click for Top 5 Hold/Accumulates
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