Bob Marley, New Age Beverage and CBD

A year ago, we visited the Bob Marley museum in Kingston, Jamaica.

The museum is the house he lived in for years, preserved with all the original furniture, recording studio equipment, kitchen appliances (he was big into juicing) and sacrament!

The tour turned out an emotional experience. The guide took us through the house where he wrote so many of his famous songs. She encouraged us to sing a different one in each of the rooms.

As the group sang in unison, I teared up. Imagine singing “One Love,” in the exact place he composed it!

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I tell you this story because Bob Marley, the legend, lives on in a big way.

I’d venture to say that he may be one of the most recognizable and beloved figures in the entire world. 

So today, when the New Age Beverage Company (NBEV) announced it has expanded their licensing agreement with the Marley family for an additional 10 years, the stock awoke from its slumber.

NBEV, Could You Be Loved?

new age beverage corp nbev stock price chart analysis bullish cbd investing news

I like showing the weekly charts for some stepping back perspective.

The dotted line is a key exponential moving average. The black solid line another one for a longer timeframe.

The blue and green lines are simple moving averages.

Currently, the weekly phase is bullish as the 50-WMA is above the 200-WMA and the price is above both. Plus, the slopes on those MAs are positive.

Unless that changes, the stock is in good shape.

Short-term, a weekly close over 5.40 is a good start towards more upside. That also clears the 10-DMA.

Then, a move over 5.60 will clear the 50-DMA.

And if this stock really wants to get high, a move over 5.80 should take it close to 7.00.

The tightest risk is under the solid EMA line or under 4.78. Wider is a risk under the 50-WMA or 4.18.

With 9.99, the all-time high, what would give NBEV a lift to new all-time highs?

For one, increased distribution deals like the one they made with Walmart. Secondly, NBEV has a real possibility as a buyout candidate.

Either way, should NBEV get Jamming, it will be good for us bulls who have been Waiting in Vain.

S&P 500 (SPY) – Swing high at 293.16 with all-time high 293.94. 290.25 immediate support. 

Russell 2000 (IWM) – Made a new swing high at 158.69. As we thought, with this playing more catchup, it helped IYT KRE and XRT rally. Now, 157 pivotal support with 158.78 the March 4th high.

Dow (DIA)  – Inside day. Swing high at 266.86. That means must hold 265.06. All-time high 269.28

Nasdaq (QQQ)  – New all-time high at 190.71 and then turned slightly red.187.20 underlying support.

KRE (Regional Banks) – Rallied to the EMA at 55.30. Now must hold 54.45 and we are predicting a move closer to 57 before we started thinking a top is in.

SMH (Semiconductors) – All-time high at120.71. 118.47 should hold if good.

IYT (Transportation) – Great move to test resistance at 200. 202.20 the October high before the crash. Needs to hold 198.17

IBB (Biotechnology)  – Inside day which means must clear 107.37 to keep going higher. 

XRT (Retail) – 45 now the closest pivotal support area with a way to go to the 50-WMA at 46.90. Like KRE, if gets there, could be the top of the market.

Twitter:  @marketminute

The author may have a position in the mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.