4 Cannabis Stocks In Uptrends This Week

It’s been an eventful few weeks in the cannabis market. Then again, is it ever not eventful in cannabis?

Between Tilray Inc TLRY IPOing to become the first cannabis-producing company on a major American exchange, Aurora Cannabis’ ACBFF $2.5 billion acquisition of Medreleaf Corp MEDFF, and Acreage Holdings’ $119 million capital raise, headlines definitely have not been in short supply of late.

Here are four cannabis stocks that short-term traders should have their eye on this week.To identify the trend we used VantagePoint Software, a market forecasting software that uses artificial intelligence to predict price action 1-3 days in advance with up to 86 percent accuracy.

The primary indicator to pay attention to on each of the 3-month charts below is the blue line, which is a predicted moving average. VantagePoint signals an uptrend when that line crosses above the black line, a simple 10-day moving average. The red-green Neural Index at the bottom of the chart whether the stock will be strong or weak over the next 24 hours, and serves as a confirmation of the trend.

Disclaimer: the following stocks are being highlighted due to signals from VantagePoint. Do your own due diligence before making any investments.

Emerald Health

Emerald Health EMHTF appeared to be in a prolonged downturn for most of 2018. But over the last two weeks the stock has rebounded 15 percent. While these gains are minimal compared to the overall drop since January, the fact that the moving averages have crossed over and the neural index has turned green signifies those losses may be halted for now.

Canopy Growth

Canopy Growth Corp CGC hit an all-time high on June 22, and promptly fell 33 percent. But the stock appears to have bottomed out on July 20, and has since rebounded 9 percent.

It’s notable that the two moving averages only began to really diverge last week, even though the moving averages first crossed over on August 2. This suggests the trend has gotten stronger recently.

Cara Therapeutics

Cara Therapeutics Inc CARA experienced a similar pattern. After topping out at $22 in mid-July, the cannabinoid producer bottomed out at the $17.50, and has since turned into an uptrend of its own. Despite a down day on Monday, the stock is still up 7 percent since the bullish crossover on August 8.

CV Sciences

This is one that’s been on a tear of late. CV Sciences Inc CVSI was $0.76 on May 14, and the stock is up 514 percent in the three months since. The VantagePoint chart shows how this uptrend hasn’t really shown signs of slowing down. With the two moving averages as far apart as they are, you can expect the uptrend to continue for now.

VantagePoint is a content partner of Benzinga. To get a free demo click here.

Photo credit: Flickr

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