This is an update of a previous recent idea. The MJ composite has had
a pullback and shows bullish RSI divergence. It is at support and has
various resistances dynamic and stationary above. The time is now
to analyse the preferred symbols / stocks within the composite.
( Alcohol thrived during the Great Depression, no reason not to assume
POTX as shown on the 30 minute chart
is showing an ascending megaphone pattern,
a reflection of increased volatility,
The price is sitting on the lower megaphone support line
and the RSI shows weakness.
Green up arrows show each time the price has touched the
support line it has reversed to the upside. The same for the RSI.
I see this an an excellent swing...
Cannabis Stocks are mostly all on uptrend today.
See my other ideas regarding POTX and TLRY.
Being priced low, more retail traders can enter this symbol which is speculative
but is helped by sector movement as well as the market at large
( at least until the Powell Jackson Hole speech on Friday )
Shout out to Wolf of Weed Street ( Jason ) !!!
Today a bunch of cannabis stocks showed up on my screener with
some good price action and high relative volume.
I set up a composite chart using some of the more heavily traded
stocks but no OTCs as well as a couple of the ETFs and the
REIT IIPR which manages and leases indoor cultivation farms.
While I found the composite price had been drifting...
- Liking this set up. Green box has to hold and push price out.
- Blue is a potential way out but as long as the low of that green range holds I think we have a nice base to push to purple high and potentially higher.
- Also, the entire weed sector has been SILENT. Not one word. Could be the beginning or something but who knows...
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.
Recently my eye has been on pot stocks and the broad ETF AMEX:MJ for signs of life. Most seem to have forgotten about these stocks after years of disappointment. That's when I get interested.
On a down day in the stock market at large Tilray NASDAQ:TLRY is UP on earnings. More importantly from a technical analysis standpoint the price had a beautiful hold...
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...
This stock is rekt hard. But it's one of the only mj companies that actually make a profit. And also the business is like selling shovels in a goldrush. If i didn't had a position already would totally buy this here.
HEXO has made the first signs of a reversal.
The reversal can be violent. If you hold for a couple of years you might see incredible returns imo.
Now is the golden pocket of smart money buy zone (Under a dollar).
Not a financial advice.