05Jan3:35 pmEST

Pot Stocks: Don't Get High on Your Own Overhead Supply

With the prospect of increased legalization in various states (even with blowback from the federal branch), the "pot stocks" of course merit some more attention. 

MJX is the general ETF for the group, some of which trade on the Pink Sheets.

But a more liquid name would be GW Pharma, below on the weekly chart. If the sector is truly on the cusp of a strong 2018, logic would dictate that one of the larger cap names like GWPH would clear well-defined supply, or resistance. 

Indeed, that light blue line spanning the $134-$138 range must be cleared definitively for bulls to set in motion a sector-wide rally beyond a mere multi-week pop. INSY is another one worth watching, not trading on the Pink Sheets. 

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