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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
TLRY and its peers jump on high federal news catalyst LONGTLRY on the 2H sharge shows a draamatic trading response to the DOJ recommending the reclassification of marijuana. No much to the analysis = these will have momentum until it fades. I suspect good continuation plays here until mid -day on Friday when profit taking and sell-offs will dominate. Short sellers will take positions at the tops as well. In the meanwhile long trades are the low lying fruit.. The risk is a bit lessens by the surge from the news. Others include SNDL, OGI , ACB and the ETF MJ for those who like to spread risk across a basket of stocks. For the time being these stocks will be truly buzzed but do not be late. Stay home if you are.
NASDAQ:TLRYLong
by AwesomeAvani
12
ACB Marijuana related volatility in a penny- SHORTOn the 2H chart ACB a penny stock appears to be heading down after an uptrend into VWAP band resistance. The HMAs have put ina death cross and the lines are downward and under the histogram. The dual time frame RSI indicator shows the lines falling through the 50 level. This stock offers shares under $ 1.00 each and also put options. It is likely not shortable so I will but put options and hope to have a fast ride with them. The stock target is the psychological level of 0.5 also confluent with the next VWAP line down. Is is a 8% drop in share price and would yield a good 50% or more on a 7DTE call option. If you are interested in my specific option setup in mind, please leave a comment.
NASDAQ:ACBShort
by AwesomeAvani
2
SMG- it's spring time for SMG to make some green LONGSMG has good reason to trend up- the spring brings out consumers looking to get their lawn off to a good start and the rise in marijuana stocks on the run-up to April 20th and the recent legislative catalysts in Germany and Florida bring Scott's into focus as cultivators often use it in their soil-based and hydroponic grow operations. The indicators show price momentum and adequate volume to support a move higher. The predictive algorithm forecasts that move. I will take a long position here targeting 86, the pivot high of 11 months ago.
NYSE:SMGLong
by AwesomeAvani
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 - #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
TLRY is it still a buy? SHORTTLRY dropped from a Head & Shoulders in the winter into the lows in June and July with a lot of trading and accumulation as shown by the volume profile and its POC. Today TLRY took off for a big gainer of a day. But why and can it continue, The 5-minute chart shows plenty of volume support for today's move. The 4H chart shows a scorching rise into the third standard deviation line above the mean VWAP anchored into the earnings date two weeks ago which was a miss. Fundamentally, TLRY has been buying shares of BUD and other beer brewing or distribution companies. If i were an investor, I would be concerned. TLRY should focus on its core product and get good at making cash and not burning it. While the MACD is still bullish and the mass index indicator not yet triggering a reversal, I see a drop happening from the pop. Fundamentally TLRY does not deserve the level of enthusiasm that it received. The EFT MJ had a big uptrend for the day then printed a bearish engulfing candle on the close as traders took their profits off the table. In consideration of all of this, I think TLRY is a very safe short trade. I will zoom into the 5 minute time frame and go short from a high pivot. expecting a 10-15% return for the remainder of the week as the flush or at least drop kicks in especially from inexperienced traders buying in while TRLY is running high without reason into the greatly overbought zone. I suppose it could pump from a short squeeze instead of leveling out and dropping, so my trade will be small and risk constrained. Is you have any alternative idea why this rose so much please let me know!
NASDAQ:TLRYShort
by AwesomeAvani
3
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
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
POTS- Bullish Momentum on Biden Pardons LONGWith a news catalyst, of the pardoning of all cannabis possession federal convictions, POTS put in some wide range green candles to celebrate the increasing sediment towards federal legalization. As the 15-minute chart shows, a downtrending line was broken by price and then retested. The setup is ripe for a swing long at this time. I see the constituents of this ETF like SNDL CGC ACB TLRY IIPR as candidates for trades as well. On the other hand, They could pop and drop and so be candidates to short or take put options.
PLong
by AwesomeAvani
POTX a cannabis ETF is a siwng LONG Setup ( ACB MJ TLRY)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 long setup with a target of about $22 or 25% in a diversified EFT allowing for a bit of risk mitigation.
PLong
by AwesomeAvani
4
Cannabis / MJ Stocks Reversal NotedToday 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 downward over preceding months, it bottomed on August 1 and has rose 30% since then. Fundamentally this is a growth industry with or without an impending recession. The volume indicator shows rapidly rising volume in the past two weeks, a good support for price action I conclude the cannabis stocks may be candidates for swing trades presently and into upcoming weeks.
NASDAQ:CGCLong
by AwesomeAvani