NASDAQ-Listed High Tide Under The Magnifying Glass: Key Insights For Cannabis Investors
We’ve been offering some mid-term analysis for main cannabis stocks and now it’s High Tide’s (NASDAQ:HITI) turn. The occasion couldn’t be better, since the stock recently surged 21% in the previous rounds.
This price jump signals a bullish resurgence for the cannabis-focused retailer. Trading around $3.55 as of Monday Dec. 2, the company’s shares have seen a notable upward trend, buoyed by high trading volumes and critical resistance level breakthroughs.
Let’s take a closer look.
Volume Drives Breakout
Recent trading sessions have been characterized by a sharp increase in volume, with 856,995 shares traded during the most recent rally. High trading volumes often signify strong investor interest, and for High Tide, this increase has aligned with significant price milestones. This volume surge underscores a shift in market sentiment, reflecting heightened confidence in the stock’s potential.
The breakout above the $2.58 resistance level – a point previously tested and rejected in May -marks a turning point.
After consolidating over the summer months, High Tide’s stock gained enough momentum to overcome resistance in late October, turning it into a new support level. The sustained move above $2.58 shows strong underlying demand.