In full disclosure I cast a ballot in favor of legalizing the sale of recreational marijuana in my home state of New Jersey as we will need the sales tax revenue. With marijuana now legal in 13 states a look at the charts of Green Thumb Industries (GTBIF) seems like a good idea today. The company is a cannabis consumer packaged goods company and retailer, so let's go to the charts.
In this daily bar chart of GTBIF, below, we can see that prices declined with the weakness in the broad market in February and March. Prices bottomed quickly in the middle of March and by June they had reached new highs. The uptrend has continued into November with a new high for the move up Tuesday with prices above the rising 50-day moving average line and the rising 200-day moving average line.
Trading volume has been building this year and the On-Balance-Volume (OBV) line has risen too to confirm and support the price advance.
The trend-following Moving Average Convergence Divergence (MACD) oscillator is above the zero line and appears to be crossing to the upside for a fresh outright buy signal.