The momentum in the cannabis market continues to surge with no signs of a slowdown in sight. Our recent Connect the Dots feature (ICNAF/ICAN) gained nearly 3.5% today and is now up about 19% since the article’s publication. Trading volume remains much higher than average following an announcement that the Company completed development of a market-ready THC-infused spray product and the required licensure for manufacturing of the product in Colorado. See the full press release here:
Integrated Cannabis Company, Inc. (ICNAF) Develops THC-Infused Spray Product
There are a couple of key technical indicators that appear to be pointing towards a continued bull market for ICNAF/ICAN.
EMA Trade Line: The Trade Line is a term used by traders to identify the 9 Exponential Moving Average (EMA). However, some traders use the 8, 10, 11, or 12 EMA instead. But all are referred to as the Trade Line or Golden Line. According to Investopedia.com, “quite often traders use EMAs to determine a trading bias. For example, if an EMA on a daily chart shows a strong upward trend, an intraday trader’s strategy may be to trade only from the long side on an intraday chart.”
As you can see in the daily chart, ICNAF/ICAN has held support at the 9 EMA Trade Line for the last month while experiencing a strong uptrend. The stock has gained approximately 94% during that time.
Golden Cross: A golden cross occurs when a short-term moving average crosses over and above a long-term moving average. According to Investopedia.com, “The golden cross is a candlestick pattern that is a bullish signal in which a relatively short-term moving average crosses above a long-term moving average. As long-term indicators carry more weight, the golden cross indicates a bull market on the horizon and is reinforced by high trading volumes.”
A golden cross formed in ICNAF/ICAN just a few days ago. Could this be the beginning of a bull market for ICNAF/ICAN?
Trading Volume: As stated by Investopedia.com, the potential bull market that often follows a golden cross is reinforced by high trading volume. ICNAF/ICAN is currently trading more than 6 times its average trading volume according to Yahoo Finance. That is a significant increase in trading volume and could be the reinforcement to the bull market following a golden cross that Investopedia.com is referring to.
Click Here For Full Reporter On Integrated Cannabis Company (ICNAF)(ICAN)
Disclaimer: Pursuant to an agreement between an affiliate of MAPH Enterprises, LLC (owners of MarijuanaStocks.com), Midam Ventures LLC and Integrated Cannabis Company, Midam is being paid $25,000 per month for a period of 6 months beginning September 4, 2018, and ending March 9, 2019. We own ZERO shares of Integrated Cannabis Company. We may buy or sell additional shares of (ICNAF)/(ICAN) in the open market at any time, including before, during or after the Website and Information, to provide public dissemination of favorable Information about Integrated Cannabis Company.
MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | new@marijuanastocks.com
