Cresco Labs (CRLBF)

By JC Parets Thu, Feb 11, 2021

Hey there,

Today’s Chart of the Week comes from the marijuana industry, which seems to be on fire these days (no pun intended).

We’re looking at Chicago based mid-cap pot company Cresco Labs (CRLBF).

Cresco Labs is a vertically integrated cannabis and medical marijuana company that manufactures and distributes a wide selection of marijuana products across the country.

The stock is breaking out of a monster base to the upside and presents a phenomenal risk to reward with the potential for 50% gains.

We are long on CRLBF if (and only if) it rises above the $14.50 level.

Below that, we’re just watching.

But once above $14.50, we are buying and targeting $22 as our price target.

Til next week, good trading,
JC Parets

About the Author

JC Parets, founder of All Star Charts, specializes in finding the most opportunistic risk vs. reward propositions while at the same time bringing a top/down approach to the marketplace whose wide spectrum is rivaled by few. JC begins with a long-term global macro perspective and then works his way down to the individual sector and industry level before ultimately isolating the stocks that best portray a particular thesis. Price is the most important technical indicator, but JC uses supplements such as Momentum, Relative Strength, and Fibonacci analysis to complete the process.