Pot Stocks Looking Higher

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Marijuana stocks are among our top charts to watch today.

Aurora Cannabis Inc. (ACB) rose 8 cents to $8.96 on 21.3 million shares Wednesday.  Bank of America Merrill Lynch named the company as one of three marijuana stocks to buy. The stock, after sharp year-to-date gains, has been consolidating in recent weeks, but may be on the verge of its next leg up with cannabis stocks in general.  Next target is around $10.50, above its March high.

Canopy Growth Corporation (CGC) jumped $1.17 to $42.85 on 6.7 million shares Wednesday, and has followed through this morning on news the company bought the rights to acquire New York-based Acreage Holdings as soon as the U.S. ban on cannabis has been lifted.  The stock has been consolidating and pulling back slightly since its January surge, but broke out of its declining wedge on Tuesday, at which point we highlighted it for members as a swing-trade set-up.  Watch for the stock to test lateral resistance at around $48.50-$49.

Niu Technologies (NIU) popped 99 cents, or nearly 10%, to $11.49 Wednesday on 305,900 shares on no news from the China e-scooter company.  The stock, after surging in the first week of April, has been flagging in the last week, and Wednesday’s move took it to the tops line of its declining wedge.  A break through here could get the stock back up to its April high above $13.50.  

Scorpio Tankers Inc. (STNG) gained 97 cents to $24.87 on 696,900 shares Wednesday.  The oil shipping company said it will be issuing its first quarter 2019 earnings in the morning on Tuesday May 2.  The stock, which we added as a swing trade set-up in the $21.75 range a week ago, has broken through lateral resistance and is now up against its long-term declining tops line.  Watch for a move next to $27-$27.50.