In financial markets, there are certain price levels that are more important than others. And the ETFMG Alternative Harvest ETF MJ is getting close to one. If it reaches it, it could be a good time to buy it.
The $16 level was support for MJ in late 2019 and early 2020. Then it was a resistance level in November and December 2020. And just like support levels can turn into resistance levels, resistance levels can turn into support levels.
Now after a long downtrend, the shares are getting close to this level once again. If they do there’s a good chance they find support. This could be the base for a new move higher.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Click on the image for more info.
Cannabis rescheduling seems to be right around the corner
Want to understand what this means for the future of the industry?
Hear directly for top executives, investors and policymakers at the Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9.
Get your tickets now before prices surge by following this link.