MJ - Possible Buy Opportunity and longtime outlook
Currently MJ is touching a trendline resistance the third time. If a bounce is confirmed, this is a low risk long opportunity. Tight stop losses are a must. Cannabis is still a bear market and a high risk sector.
On the really longer term (monthly chart) RSI is coming from oversold and MACD is closing in. If there is a MACD cross on the monthly, this will likely be followed by a daily golden cross (50 EMA green - 200 EMA yellow). If those things happen (probably until end of year), the chances are high that the cannabis sector will then finally enter a new bull market. I have my alarms set.
On the really longer term (monthly chart) RSI is coming from oversold and MACD is closing in. If there is a MACD cross on the monthly, this will likely be followed by a daily golden cross (50 EMA green - 200 EMA yellow). If those things happen (probably until end of year), the chances are high that the cannabis sector will then finally enter a new bull market. I have my alarms set.
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