Technical analysis on SIBED
DrazCanna, Inc. (OTC: SIBED) could be on its way to becoming one of the marijuana stocks 2022 to watch after venturing into the growing marijuana biopharma industry. After announcing its new direction, SIBED stock surged roughly 400% thanks in part to the Senate’s unanimous approval of the Marijuana Reform Bill and the House’s 220 to 204 vote in favor of legalizing marijuana nationwide. With an LOI signed for its reverse merger, SIBED is entering into the hot marijuana market at a pivotal time.
Following its run up, SIBED is trading at $.16 and shows a main resistance at .289 and a support at .1314. Accumulation dropped steeply following the run and the MACD is bearish. The RSI is holding at 44. SIBED ran roughly 400% on the announcement of its reverse merger with DrazCanna and considering SIBED’s low float, the stock could see a second run once the merger is finalized. While the stock is moving on very low volume at the moment – 5.8 thousand compared to its average of 110 thousand – it could see a similar run up once news brings volume to the stock.
Following its run up, SIBED is trading at $.16 and shows a main resistance at .289 and a support at .1314. Accumulation dropped steeply following the run and the MACD is bearish. The RSI is holding at 44. SIBED ran roughly 400% on the announcement of its reverse merger with DrazCanna and considering SIBED’s low float, the stock could see a second run once the merger is finalized. While the stock is moving on very low volume at the moment – 5.8 thousand compared to its average of 110 thousand – it could see a similar run up once news brings volume to the stock.
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