PnF look at MJ. MJ is currently testing past potential support
following a failed up thrust. We can still drop another point
before violating the prior key low. We'll need a move
to 13 to turn this thing around (at least temporarily if not longer).
Work to be done.
I hope you find this perspective to be of benefit.
... for a .45 credit.
Comments: Attempting a little bit of cost basis repair here, probably later than I should have. Since it's a small position, I felt okay rolling the short call out in time to a quite lengthy duration to get paid something "decent," but the underlying hasn't seen fit to move upward with any conviction. The resulting setup is a July 15th...
The index is concentrated in the pharmaceutical, biotechnology and life sciences industry group. The fund will invest in the component stocks of the index and in ADRs and GDRs based on the component stocks of the index.
One of the "themes" I have been watching for 2022 is the possible resurgence of pot stocks. Every year has its theme and "anything can happen."
Over the weekend I watched a short Vice documentary following the current state of legal (and illegal) weed in California. You can watch here:
www.youtube.com
We can chalk this up to "unintended consequences" where...
It all points to being bottomed out - Just wait for it to cross the 50 MA and retest for confirmation. Rsi should give the game away with a drop into the Oversold before shooting up thru that 50. perhaps :)
I am finally back from vacation so I can start to post more TA again! I wanted to do some TA on a solid pot ETF I found a few weeks ago that appears to be loading up for a support bounce. MJ ETFMG Alt Harvest is a ETF made up of a bunch of high quality pot stocks. If you go to yahoo finance you can see everything in the holdings basket.
From a TA standpoint MJ...
Feels like there might gonna be another dip although there's rsi divergence and triple bottoms seen
So better just sit out rn, unless it breaks above the swing high (>12.3) then we'll reassess
... for a .27 credit.
Comments: Beginning to slightly hate this position, but it isn't exactly taking up a ton of buying power, so rolling out the April 14th 16's at >50% max to July to reduce cost basis further. Cost basis in my shares now 14.09.
Turns typically occur first on lower time frames. The 15min/60min charts shown here
highlight what may be an early attempt to turn for MJ. Moxie divergence on 15min is
showing strength building, and should move up in time frames assuming follow
through of price going forward.
This is a "heads up" for those watching MJ and related stocks.
This could be a big move in the Cannabis sector with a very broad Pennant/Flag formation setting up.
Great opportunity for another Reddit/Retail rally with the pending cannabis legislation being discussed and a strong technical price pattern confirming a potential breakout move.
Are you ready for another big rally in the cannabis sector?
Was waiting for MJ to (hopefully) reach the weekly rising TL (trendline)
to look for a spot to enter. Have been fortunate to see price move up
from the aligned trampoline setups (wkly,hrly).
This is another example of utilizing Moxie on different timeframes
in order to tighten risk and increase potential reward. We'll see
how this plays out (or doesn't). :o)
In September 2021, the House Judiciary Committee advanced HR 3617 or (MORE) Act of 2021, a bill that repeals the long-standing federal prohibition of marijuana by removing it from the Controlled Substances Act. If passed would facilitate the expungement of low-level federal marijuana convictions, create pathways for ownership opportunities in the emerging...
