Jim Cramer turns to the charts to reveal that cannabis companies like GW Pharmaceuticals and Village Farms could be good additions to your portfolio.
Cramer pointed out an ascending triangle pattern in GW Pharma's weekly chart, which measures the stock's price movement over a week-long period. That particular pattern, which is made up of a series of higher lows and relatively similar highs, typically tells a bullish tale.
He noted that GW Pharma does not see itself as a cannabis play, but investors see it as such because its products are inspired by the plant. "I have been a fan of GW Pharma for a long time. A lot of that is because you can dose it. You can't dose regular pot." Cramer said. "The stock has had a monster run." Cramer said. The stock has climbed nearly 90% so far this year.
Collins, Cramer said, is arguing that the stock could be able to surge to $200 if the share price ends the week above $180. It closed Tuesday at $184. If the stock instead falls under $160, then forget about it. "I think you should stick with Canopy Growth, and Collins believes that GW Pharma is the best bet out there," the host said.Get his full insightChinese Vice Premier Liu He , US Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer pose before they proceed to their meeting at the Diaoyutai State Guesthouse in Beijing on May 1, 2019.
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