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MJ trade ideas

Marijuana Stocks Will Soar if Kamala Harris WinsWith Joe Biden likely to drop out of the election race, Kamala Harris seems to be the current favorite to replace him. Kamala Harris on 15 Mar 2024 said "nobody should have to go to jail for smoking weed,". Showing her support for the marijuana industry. This marijuana ETF should see a breakout to new highs should Kamala Harris' chances of running for president increase. From a technical analysis perspective, we also have a double bottom potential playing out.
AMEX:MJLong
by ttp112358
MJ ETF: A Bullish Opportunity in the Cannabis SectorSummary: The MJ ETF (ETFMG Alternative Harvest ETF) is shaping up to be a highly promising investment, driven by favorable regulatory developments and robust technical indicators. The cannabis sector is on the brink of a significant boost with the potential reclassification of marijuana from Schedule I to Schedule III by the DEA. This regulatory change could act as a major catalyst for MJ, which offers diversified exposure to leading companies in the cannabis industry. On the technical front, MJ has shown strong bullish signals. The MACD line has recently crossed above the signal line, indicating upward momentum. Additionally, a recent close above the fractal suggests a potential breakout, with the price pulling back to the fractal level, presenting a buying opportunity. Moreover, MJ has closed above the first resistance level (R1 at $4.50) and above the conversion line, reinforcing the bullish sentiment. With MJ currently trading at $4.31 and a conservative take profit target set at $6.55, the trade offers an estimated return of 51.96%. This trade strategy aligns well with moderate risk levels, given the ETF’s diversified nature and the positive outlook for the cannabis sector. In summary, the combination of regulatory tailwinds and technical strength makes MJ a compelling buy. Investors should monitor market news and technical signals closely to capitalize on this opportunity and optimize returns. This trade provides a balanced approach to risk and reward, leveraging both market developments and technical analysis for potential gains. Key Points: Current Price: $4.31 Take Profit Level: $6.55 Expected Return: 51.96% Catalysts: Regulatory changes, sector diversification Technical Indicators: MACD cross, close above fractal, pullback to fractal, close above R1, close above conversion line
AMEX:MJLong
by aaronkaltman
could the MJ sector etf still have a leg up left overaccording 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 have little chance to regain tuesdays highs. this is still clearly an attractive long at many levels for a lot of reasons, and thats why ive sided with buy after this particulare daily extreme and rejection candle, sliding down toward an equally uneven bull market lower.
AMEX:MJLong
by cerealmarket
MJ ETF (cannabis) - Potential Double Bottom Pattern - MonthlyMJ 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, $1. Cannabis companies and stocks are highly sensitive to Government Laws & Regulation changes, Fundamental Catalysts, and Corporate Earnings.
AMEX:MJ
by NoFomoCharts
MJ, time for a secular bull run in Marijuana stocks (Yes Really)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 over time that the Biden administration was not serious on delivering that promise. Most famously was their federal decriminalization of marijuana possession, which turned out to not free a single man from prison in America! Of course, they already knew the impact before rolling this policy change. These matters are studied closely in the Whitehouse but their pursuit was just for the headlines. Not to mention Biden’s firing of several Whitehouse staff who while passing the drug test for employment had been found to have used marijuana in the past or are pro legalization. People realized that the administration is more interested in posturing than delivering and thus marijuana stocks kept trending down. So, given the above, why will Marijuana stocks trend up? Because Biden needs to run for elections again. This means he needs to resuscitate the promise of legalization one more time. President Biden’s current approval numbers are very low (38%). He needs to dangle that carrot of legalization to solicit votes. This was confirmed when the department of Health and Human Services (HHS) recently recommended that marijuana be moved from schedule I to Schedule III under federal law. Such recommendations are not done in a vacuum. They are done with coordination with the Whitehouse. This has important implications medically, but also for the investment world. That is because many funds can’t invest in marijuana stocks currently since it’s a schedule I drug. There are federal punishments on the books for such investments, it’s just that the government chooses not to prosecute anyone for them. So the space currently has conflicting laws, if you will, as opposed to clear ones. It doesn’t matter if Biden is going to deliver on this promise or not. This will cause a bullish run now into the November of 2024 at a minimum. Furthermore, if a republican wins the Whitehouse, I am more confident that marijuana will be legalized (any candidate except Pence). Reason being that Republicans don’t want this issue to be used by democrats for fund raising or as a campaign promise in the future. Not to mention that the marijuana lobby sponsors republican congressmen too! marijuana is popular with the Republican base as well (55% support). Now let’s look at MJ technically. It has already corrected by 21% from it’s recent high. At my shown support level (cyan arrow) this correction will equal a 28% drop once reached. This is an excellent risk-to-reward level for a quick bounce and ideally for maintaining at least a portion of the position as a long-term investment. Why? Because MJ snaps back up (every time except once) when the correction reaches the 20s or 30s. So if we buy it on a 28% correction we only have to endure a further 12% decline before the thesis fails as a worst case scenario. And as a statistical worst-case scenario we can see a bounce of 15%. So this serves as a level where a breakeven scenario exists as failsafe. You may ask why not wait for a deeper correction? Because I don’t think you’re going to get one. You see MJ has snapped up by 65% in less than a month. This is not a bullish correction in a bearish trend. This is a change in trend. To put this in perspective, this move is the 2nd largest bullish run after a correction for MJ ever. And the others happened during a bullish market. This is why I don’t see it dropping further than my support level shown + risk of 12% (stop loss). Also, the other deeper corrections happened during a bearish trend, not in a consolidation phase or a bullish trend. Anyhow, this is my due diligence on MJ. If you like my work here give me a boost. I am buying MJ with my money. But as always, you do you! Good luck.
AMEX:MJLong
by ConvictionTrades
4
$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
MJ Up in smoke?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 of products are waiting to be federally recognized as legal. Thousands of legal businesses are awaiting a SAFE banking charter reform act to be adopted. Until then, we sit and watch patiently as price hold the 4.44 level (4.20 bottom in?) The good news is the bottom white line is zero and we can guarantee it wont go past that. Outlook: Hold strong if long in our humble opinion Range: $4 - $8 Short term neutral - accumulation Long term this industry will explode with a catalyst like US federal legalization.
AMEX:MJLong
by btcbiff
5
MJ - Is it finally time to pop? 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 could potentially be a fake out. Bearish momentum is also decreasing on the MACD histogram. With the monthly close days away, MJ is forming the beginning of a potential morning star pattern. As long as MJ is below VAL at $7.2, I'm ok with building a position.
AMEX:MJLong
by CrashWhen
2
Watching Pot StocksFew 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 which breaks the downtrend. Now with the recent broad stock market selloff price is testing the 50% Retracement of the recent rally. I am watching for setups in MJ as well as individual pot stocks. See link below for NASDAQ:TLRY
AMEX:MJLong
by norok
1
Good time to start getting long marijuana stocksThis 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 support at the 11.00 level with a Bullish engulfing candle for Friday. Fundamentally, if you believe the stock market as a whole is overbought (which I do too), Marijuana, alcohol, and tobacco products make good bear market stocks. People use more drugs, alcohol, and tobacco products during economic declines than they normally would historically.
Editors' picks
AMEX:MJLong
by Chad_McDeid
65
Marijuana Market Increased DemandI'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 dates of my first post you'll see I was buying before Pfizer invested 8 billion into the MJ market the following week. Quarterly: - Nice Doji at the bottom of the implied range. - This quarter closes in less than a week. Monthly: - Two candle reversal with the market failing to close below $11.00 per share for the last 3 months its been within range. - Next Thursday closes this months candle. Weekly: - Momentum divergence. - Broken previous swing highs, closed above previous swing as well, indicating at minimum a weakening in selling pressure. Daily: - Broke back above multiple resistance levels in the short term. Happy trading/investing, please like and share!
AMEX:MJLong
by Chad_McDeid
6
Opening: MJ July 15th 8 Short Put... 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 8/16 covered strangle (short strangle + stock). Cost basis in my shares is now 13.64 relative to today's closing price of 11.21, so I've still got a little work to do to bring it more in line with where MJ's currently trading. Since it's a small position, I'm fine with being patient with it, but would be happier if my cost basis was lower than current price.
AMEX:MJLong
by NaughtyPines