BC Bud (BCBC.CN) remains one of the few cannabis stocks that is maintaining its bullish uptrend. Before we dive into the chart, let’s take a look at cannabis as a whole from a technical level.
It isn’t pretty.
The Global X Cannabis ETF printed new all time record lows hitting $8.80 on March 23rd 2023. We are developing a price range once again, and perhaps will finally see a relief rally taking us back to test the breakdown zone at $10.50.
The blue rectangles I have highlighted have been previous times that POTX was showing signs of bottoming and a potential reversal. You can see why I remain patient and await the breakout trigger before jumping in. None of the ranges and consolidations broke out and instead we kept heading lower and lower.
For bulls, you would want to see a close back above $10.50 for more sustained momentum higher.
On the US side of things, there was some positivity with MSOS holding a long range. This basing was providing some signs of a potential reversal, but the key for ranges is the breakout. We did not get that, and instead, broke down.
New record lows were printed on March 27th 2023. A close back above $6.00 would be required to have any bullish hopes.
Canadian marijuana ETF HMMJ also broke down. The support at $11.50 did not hold, and we printed new all time record lows on March 28th 2023. Potential basing here, but once again, it would only be a relief rally until we can close back above $11.50.
When we take a look at BC Bud. we see something different:
A cannabis stock in a clear uptrend and positive bullish technicals. In a past technical article, I highlighted the support zone at $0.10. I told readers that the trendline breakout and retest we saw at $0.075 was extremely bullish and was the trigger for a new uptrend. At that time, I spoke about the resistance at $0.10 and how the stock would likely break it as long as we remained above $0.075.
This continues to be our key support going forward. As long as BC Bud remains above this support, the uptrend can continue with higher lows and higher highs eventually taking out the resistance at $0.175.
So yes, you can still make money in cannabis. BC Bud is popping while the cannabis sector as a whole is falling and making new all time record lows. What does this mean? Investors really like what they are seeing with BC Bud, the cannabis company that is doing it right!
The BC Bud Corporation manufactures, licenses, and sells recreational cannabis products in Canada. It offers cannabis based flower products; edibles, including chocolate-covered coffee beans under the Canna Beans brand name; concentrates under the Solventless Solutions brand; beer-like cannabis infused beverages under the Buds brand name; and lifestyle apparel.
Do not underestimate the BC branding for brand awareness and quality. If you are looking for weed to smoke anywhere in the world, BC has the reputation of having the best. Most people would choose BC over anything else (or so I am told by weed smokers!).
BC bud has been a mark of quality. The best of the best in cannabis. Now, BC Bud corporation will carry that energy, and spirit and bring products to consumers that deserve to be associated with BC’s legacy.
The competitive advantage BC Bud has are its thorough business plan with realistic financials, strategic alliances and distribution models, technological advantages, low overhead and cap ex operations, well defined growth plans, an attractive portfolio of products, and perhaps most importantly, founders with top level management experience in both the Canadian and US markets.
