GW Pharmaceuticals $GWPH, a European cannabis pharma and, is in a strong bullish continuation breakout after a few months of bearish correction. GWPH Daily Chart (click to enlarge) Bullish Continuation:- The daily chart showed a choppy bearish correction after price retreated from $164 in June/July.- During this correction, momentum was flattened, but price stayed above the 200-day simple moving average (SMA).- With the prevailing bullish trend intact, price broke above the correction resistance line in August. - In September, price showed respected to the price bottom formed in August, and has been rallying sharply this week.- The bullish breakout in August has indeed materialized into a bullish continuation swing in September. At this point, can we still expect a bullish outlook?- I think so. I think we could get some consolidation in the short-term, but it looks like price is priced to climb above the $164 high.- If there is a pullback, we can anticipate support around $155, or around $149-$150 area. - If price closes below $150, I would be concerned. - GWPH has been choppy, so don't be surprised if price chops back down, but remains in a bullish outlook. - Indeed, from the weekly chart's perspective, it looks like price action has just begun to move up away from a multi-year resistance around $133-$135.- In other words, this week's strong bullish price action could just be the start of the push above $135 and into new all-time-highs. GWPH Weekly Chart (click to enlarge)Note that all cannabis names are being propped up ahead of Oct. 17, the day Canada will legalize weed. There is a major buy-the-rumor-sell-the-news risk here. So even if you are bullish on cannabis names, anticipate a possible pullback on or around Oct. 17.