Last month the Sundial Growers (NASDAQ:SNDL) stock emerged as one of the more notable gainers from among cannabis stocks as it surged by 12.2%. The rally in the stock was a combination of a range of factors starting from an acquisition to the company’s first quarter results and some meme stock frenzy.
The stock had actually declined by 17% during the course of the first three weeks of May. The mixed performance in the first quarter and an acquisition were the main factors behind the poor run.
However, things turned dramatically in the final week of May as the stock ended up clocking gains of 35%. In addition to that, the trading volumes surged as well. The change in fortunes was primarily due to the meme stock frenzy that gripped the markets at around that time. Some of the better known meme socks like AMC Entertainment and GameStop recoded significant gains. That led to a knock on effect on the Sundial stock as well.
|+/- EMA(20)||0.96 (+17.71%)|
|+/- SMA(50)||0.90 (+25.56%)|
|+/- SMA(200)||0.72 (+56.94%)|
|CCI20||128.5974||Buy||Chaikin Money Flow||-0.0876||Sell|
|MACD||0.0667||Buy||Money Flow Index||80.0647||OverBought|
|STOCH (14,3)||57.4194||Sell||STOCH RSI||0.4390||Sell|