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SNDL a MJ penny stock in reversal from trend down LONGSNDL is shown on a weekly chart with a volume profile and VWAP band lines anchored back three years. Perhaps due to recent news of potential federal legalization or other catalysts SNDL is now above its pivot low. The EMA cloud ( periods 7, 21 and 42) is now green as lines converged into a zero slope and are now rising. Price is now approaching the first lower band line and will thus enter the fair value zone above the undervalued zone. A reasonable target is 7.0 where the POC line of the volume profile is confluent with the black mean VWAP line. The is more than 100% upside and will not occur quickly. Price may get spikes with marijuana-related news along the way. A sign the trade is going bad is if both the faster green RSI line and the slower black RSI line both go below the 50 level. The stop loss will be at 1.86 below the EMA cloud. Accordingly. the risk is $0.50 per risk. If only $100 is to be risked the trade can be 200 shares. Risk is off when price rises to $2.85 and the stop-loss is adjusted to the entry price. Beyond $3.00, the stop loss can be adjusted to a trailing 10-15% or the ATR. I see the last weekly candle as a Doji and so consolidation and price consensus making for a best entry.
NASDAQ:SNDLLong
by AwesomeAvani
Swing Trading a Marijuana Penny Stock OGI LongOGI is a highly volatile penny stock in the marijuana subsector. It is too cheap to short It does have options. ( The strike $2 for 3/15 contract on Friday went 67% from the LOD to the high of day). On the 15-minute chart is shown my swing trading strategy for OGI. Each up arrow is one lot of shares while the red arrow is to sell a lot. The lot size can be number for example 1,20,50, 100. consistency helps the strategy. There are seven trades taken, three are completed while four are open. The three completed trades average 2.5 to 4 % daily return and compounding when the cash returns from settlement or new cash is deployed while awating settlment. There is no need for margin. The options strategy yields more than 10% per day for capital deployed into call contracts. The mass index indicator is used in lieu of a set of moving averages. The dual time frame RSI looks for an early warning of a reversal with bearish divergence and the faster RSI < slower RSI while the linear regression line in a reversal goes to a zero slope before becoming downsloping. This is an easy strategy with very little time and effort involved that can be scaled once experience and results demand it. This is an effective strategy to grow a small account in a short time. For those with significant math skills or who know how to use a scientific calculator. Calculate the number of trading days needed to 10X initial money when the account balance is compounding each session and the compound rate is 2%. ( This strategy will compound an account 2% per trading day if 65% of the account balance is in trade at any time with the remaining 35% settling or waiting in cash for the next trade- I have done this several times with a few mentees.) ( Post your result and I will private message you the calculation)
NASDAQ:OGILong
by AwesomeAvani
1
CGC: Flying high! Will reality hit soon?CGC chart literally looked like a waterfall since it broke $1 support back in February. But, since Aug 29 after the US health department recommendation the stock along with all MJ tickers just shot up to the moon. But, here is my issue with the chart pattern: the move up from July 17 to July 30 is 3 waves. That makes me think this current price action is a corrective C wave of a higher degree wave 4. This idea would be invalidated if price goes above $2.16; the bottom of wave 1 of C of this downtrend. I am still thinking a lot of traders will get caught on this fomo while price will make a final wave 5 low. Need to keep an eye on RSI on daily and weekly to get a bullish divergence; lower low in price and higher low in RSI. Right now I am short since $1.5 with stop loss on the latest high $1.92. If things go right, target would be $0.18. If I am wrong about this and this pump is real investment, then I will get stopped out and wait for wave 5 to complete followed by a 3 waves down. At that point might consider tying up some capital for a long wave 3 move with some insane potential. Might outshine crypto gains in the next 10 years....for now, one step at a time...
NASDAQ:CGCShort
by mukit1
$MJ - #MJ ETFMG Alternative Harvest ETF on FIRE!?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) recommended that cannabis be rescheduled from a Schedule I drug to a Schedule II drug. This is a significant development, as it would make it easier for researchers to study the medical benefits of cannabis and for businesses to access banking services. The SAFE Banking Act is a bill that would provide legal protections for banks that service cannabis businesses. This bill has been passed by the House of Representatives, but it has not yet been passed by the Senate. The rally in MJ stock is likely due to investor optimism that federal legalization and the SAFE Banking Act are both becoming more likely. However, it is important to note that there is no guarantee that either of these bills will be passed. In addition to the news on federal legalization and the SAFE Banking Act, there are other factors that could be contributing to the rally in MJ stock. These factors include: The growing popularity of cannabis for medical and recreational use. The increasing number of states that have legalized cannabis. The growing global market for cannabis. It is important to do your own research before investing in MJ stock or any other cannabis-related investment and this information is not investment advice. The cannabis industry is still in its early stages of development, and there is a lot of uncertainty about the future. However, the potential rewards could be significant if the industry continues to grow. GANN FAN display showing angle resistance and possible support/resistance flip at $4 USD. Next long target $8. Good luck and always trade responsibly!
AMEX:MJLong
by btcbiff
Can TLRY continue the momentum and is the news buyable ?TLRY jumped 10% in two trading days following the announcement of "gummie beer"" by its subsidary Sweetwater Brewing. Traders who trade TLRY seem impressed and that is what counts. Objectively, a gummie product containing alcohol seems to be a nonstarter given regulatory hurtles and then marketing of familiarity. No doubt users could titrate the desired effects as easily as liquid alcohol consumption. The chart of TLRY is not the best. Price has surged to the overvalued zone of between 2 and 3 deviations above a mean VWAP anchored last week. That is to say it may be overbought. The indicators are okay showing relative strength in two-time frames over 50 but under 80 while the MACD K/D lines are rising and parallel. I will add this to my watchlist for now. I am not yet ready to take a hit.
NASDAQ:TLRYLong
by AwesomeAvani
3
ACB Aurora Cannabis Long SetupOn the 4H chart ACB has dropped out of a head and shoulders pattern list winter with high volume into a downtrend with lower volume now into support / demand as shown by the Luxalgo indicator. The anchored VWAP is also trending downward with support at the minus 1 and minus 2 standard deviations. The volume profile shows the majority of the recent share exchanges have been at the $0.65 per share area. If price rises above that POC line of the profile, ACB will get the attention of new buyers while short sellers will begin to cover thus causing buying pressure and momentum. I will buy a sizeable quantity for perhaps $1-2K shares once price gets over that POC line. Prospective buyers will consider this to be a reversal confirmation. I will be one of them. The first target is the volume void at $0.79 or about 25% with the other target being one standard deviation above VWAP at about $.90. Stop loss will be set at $0.05 below the entry. For profit insurance I will hedge with a single put option contract at a strike of $0.70 with a 90-120 DTE to diminish risk at a minimal cost.
NASDAQ:ACBLong
by AwesomeAvani
TRLY Undervalued / Fed Fix Long SetupThe 2H chart on TLRY shows a volume profile showing the highest concentration of shares traded at $2.65 or about 15% above the current price. Short sellers dominated there. Price has descended down onto the support/demand zone. It is near to tow standard deviations below the mean VWAP and so very undervalued. Federal legislation intended to remedy the cannabis industry's issues with banking, commercial loans and other financial liquidity has begun. This is huge for this subsector and could cause a breakout from the deep undervalued territory. I will take a long setup here for a decent amount of shares and hedge with a single put option for risk management/insurance. ACB is similarly positioned.
NASDAQ:TLRYLong
by AwesomeAvani
BCAN penny stock microcap combining AI and Cannabis LONGBCAN is a microcap in the AI serving the cannabis industry. It's software is patent protected. It is currently trading at less than 25% of its all time high and has a history of volatile spikes. This is a low float stock with insiders holding significant positions. On the one hour chart, in the past couple of days, price has descended from the POC line of the volume profile down to sit on top of the demand zone as shown by the LuxAlgo indicator. The Wycoff volume oscillator shows the corresponding selling volume dominating over buying volume. I see this as a long trade with targets of the POC line and the top of the high volume area of the volume profile. The overall profit of about 17-18% . The stop loss is set at 5% below the entry in the demand zone.
NASDAQ:BCANLong
by AwesomeAvani
Up In Smoke - MJ burning downA great 2x inverse ETN for this recession is MJIN, which is opposite of MJXL. By early morning of June 8, SMG reported less expected FY22 earnings, sales & profits. This largely affects weed ETFs due to heavy use of their products for growing, as we can see the spike here shortly after the news broke. In this case, due to rising inflation across the economy, most cannabis users will likely go underground to unregulated markets to find somewhat cheaper MJ. So take this ETN & get high.
MLong
by roelds
SNDL - Day of reckoning coming for weed stonks? Weed stocks are having a great week so far and I don't think the fomo has kicked in yet. SNDL is breaking out on weekly into the new channel and can squeeze higher above a dollar. I think this will continue running into month/quarter end and potentially 5-7+ dollars into Q2. This entire sector has been beaten down for years as money has shifted into tech and growth. As the Fed tightens, people will look to value vs growth and this sector is at/near all time lows. Risk to reward is a no brainer.
NASDAQ:SNDLLong
by Jigstack
2
#SNDL - 0.6$ might be the next and final support.Hi All, my main 3 take-outs from this analysis are the following: 1- Historical movements might be repeating themselves. Look at the three blue elyptical shapes and movements.. 2- 0.6$ might be the next support from where the price might be rebouncing 3- AFter the rebounce the price might have a spike as done three times previously in the past Not a financial advice, just personal opinion. Do your own due diligence and good luck!
NASDAQ:SNDLLong
by FrancescoMerlettini