Organigram Holdings Inc. (OGI), HEXO Corp. (HEXO), and Charlotte’s Web Holdings (CWBHF) are marijuana stocks that are showing bullish signals. | Source: Shutterstock
There are some who would claim that the boom in the marijuana industry is over. There’s no more money to be made because most of the fundamentally sound companies have meteorically risen and there’s very little room left for growth.
However, we looked at the stocks in the cannabis sector and we’re surprised to see that the gold rush is far from over. To prove our point, we found three stocks that are printing multiple bullish signals. Here are three marijuana stocks you may want to consider for the portfolio.
Organigram Holdings Inc. (OGI) Is in a Strong Uptrend
Organigram is a Canadian producer of medical and recreational cannabis. The company’s stock has been in a strong uptrend ever since it breached resistance of $0.50 in October 2015.
Many doubted the stock’s ability to sustain its uptrend, especially after OGI printed a lower low of $2.97 on Dec. 26, 2018. Those who panic sold then must be scratching their heads because the lower low served as the head of a massive inverse head-and-shoulders pattern on the daily chart.
A look at the daily chart shows that OGI took out the neckline of the pattern at $6.00 on Feb. 26, 2019. This triggered a strong breakout rally to an all-time high of $8.44 on May 21. Since then, the market has been pulling back. However, the good news is it appears that bulls are eager to convert resistance of $6.00 into support.
Investors interested in buying this marijuana stock might want to buy once the price stabilizes above $6.00.