according to history, yes. according to current price action, no. it would not be a good short, but its also not a good long without a break of character to the upside. looking at all volume weights and the price the downtrend remains very much intact. tommorow the top of the range may be hit, although resistance would be stiff, and a breakout to the upside would...
since the weekly reversal in favor of bears for AMEX:MJ etf and cannabis stocks, the daily bounce has turned back downward, and is approaching recent multi week lows. this set of oscilatiry trend regularity indicators show when there is potential for retracement in the opposite direction should these levels hold.
MJ ETF (cannabis) has potentially double-bottomed over the past 6 months (october 2023 to march 2024). Either a possible tradable bounce, or a long-term rally could occur over time as more countries partially legalize cannabis and marijuana. Long-term resistance price targets would be: $6, $9, $14, $18. Support price targets below would be $3, $2.50, $2,...
AMEX:MJ Here I am timing an entry into the MJ ETF as it makes a recent major correction. MJ has gone thru a massive secular bear market since it’s high of $34.5 in February of 21. It has been going down ever since for 2.5 years. Why? Because a lot of investors were hopeful that with a democrat in the white house marijuana will be legalized. But it became clear...
ETFMG Alternative Harvest ETF MJ tracks the Prime Alternative Harvest Index, designed to measure the performance of companies within the cannabis ecosystem. The MJ Alternative Harvest ETF (MJ) has been rallying lately in relation to news on federal legalization and the SAFE Banking Act. On August 30, 2023, the U.S. Department of Health and Human Services (HHS)...
ETFMG Alternative Harvest ETF We have been tracking the MJ ETF for many years now. Club members want to know when the price action turn around will happen as cannabis industries continue to boom in the US while congress seems to be stuck in the mud regarding the legislation needed to move forward with a legal federal charter. 100s of billions of dollars worth...
Breakout potential on the back of midterms, and overall market sentiment shifting to the upside. This could be the start of a real uptrend.
Could it be? The long anticipated breaking of the downtrend and beginning of some sideways movement? Looks like the perfect entry for a good risk/reward. I'm in for now. Short term target is $9.
Long, brief description. Broken downtrend to the upside, consolidation.
MJ etf is looking like it broke the weekly downtrend after weekly bullish divergence. However, the week is early and it doesn't mean it can't go lower and retest the trendline under 6 dollars again - it can. Regardless, MJ stocks might be in a bottoming "area" and are worth a watch. Targets as of now 8.50 and 10.50 on the MJ etf.
TLRY and CGC seem to be retail's top picks for the MJ industry, but I really dislike both companies. Therefore, I'm going to stick with the ETF instead. Surely, fund managers know what they are doing :D. Monthly RSI is oversold + Monthly Bullish Divergence on MACD. MJ falling below VAL and the 1 fib at $6.7 with below average volume indicates recent price action...
More downside till mid $5 range before the start of a new uptrend. Double bottom possible post squeeze or straight rip up!
The index is concentrated in the pharmaceutical, biotechnology and life sciences industry group. The fund will invest in the securities comprising the index and in ADRs and GDRs based on the securities comprising the index.
Few have been watching or trading pot stocks since the 2020 rally based on USA Democrats taking government. That rally did not have legs and broadly the industry has fallen even further from the heyday of speculation in 2018. Naturally, when few are looking I get interested... The recent March rally on AMEX:MJ which is the ETF of the sector made a new high...
I can see this above 20$ at the end of the year. Rsi is looking good, ready to be back in the overbought territory. Launch
This is the alternative harvest etf I watch as my cannabis index. Note on the Quarterly the market wasn't able to close below the 10 dollar mark. On the Monthly we are right at the price level we found strong enough demand to gain momentum for the major run up 2 years ago. On the Weekly we have a promising candlestick pattern. and on the daily were finding...
I've been calling this for months, I like it as an investment, I recommend getting into stock investments such as this 10-20 percent at a time over the course of months, accumulating a position, mimicking the style of large operators, and holding at least a year for tax purposes. This market is highly discounted and has plenty of upside potential, if you check the...
If price and rsi can hold perhaps a nice bullish divergence will play out. I am long