2 Marijuana Stocks Among 4 Charts Looking Higher

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Marijuana stocks are among our top charts to watch today on potentially positive news for the industry.

Aurora Cannabis Inc. (ACB) gained 20 cents on Tuesday to $5.93 on 15.8 million shares.  Shares rose with release of the final 2018 Farm Bill legalizing industrial hemp, as well as reports that Gov. Andrew Cuomo may introduce a plan to legalize recreational marijuana in New York.  On the hourly chart, ACB looks poised to break out above the neckline of a head-and-shoulders bottoming pattern.  First target is the recent highs and lateral resistance at $6.75, followed by $7.75.

Also in the cannabis group, New Age Beverages Corporation (NBEV), which is in the CBD-infused beverage space, jumped 40 cents to $5.44 on 26 million shares.  The stock recently popped out of a declining wedge, and Tuesday’s move broke it above lateral resistance. Watch for a move next to the $8 range before embarking on a test of the September high near $10.

Among other stocks to watch, Corcept Therapeutics Incorporated (CORT) popped $4.19 to $17.17 on 8.1 million shares in response to a reported patent approval.  The move broke the stock out of a base and a declining tops-line.  With a move through resistance at $17.75, the stock could make a run towards next resistance at the June highs near $20. 

Twitter, Inc. (TWTR) rallied $1.02 to $34.45 on 30 million shares Tuesday.  The stock got right up to resistance intraday in the $36 zone and backed off.  If it can through that resistance zone, watch for a test of the $37.50 level that it gapped down to in late July, before attempting to fill the gap at around $41.

See Harry’s video chart analysis on these stocks.

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Harry Boxer is founder of TheTechTrader.com, a live trading room featuring his stock picks, technical market analysis, and live chart presentations.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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