IGV has successfully reversed its April 23 gap lower, signaling a potential turnaround in the market. Although we have broken the short-term downtrend, we are still within the broader range. The 100-day moving average sits just above, and a close through that level could open the door to a squeeze play that could catch many off guard. The 200-day moving average comes in near $100, providing additional support for the bulls.

Positioning remains skeptical, with many investors still hesitant to enter the market in this hated space. However, any squeeze play could accelerate quickly, potentially catching those who are short the stock off guard. It will be important to monitor the situation closely and adjust positions accordingly.

Technical analysis suggests that IGV may be primed for a bounce, with the RSI (Relative Strength Index) indicating oversold conditions. The MACD (Moving Average Convergence Divergence) also appears to be turning up, suggesting a potential bottom is in place.

While there are still risks associated with investing in IGV, such as regulatory scrutiny and competition from other cannabis companies, the recent price action suggests that the stock may be worth keeping on your radar. As always, it’s important to do your own research and consult with a financial advisor before making any investment decisions.