The rebound in marijuana stocks has been one of the more popular 2020 calls among market pundits and news outlets.
Some of the more popular marijuana companies are nearing inflection points that could determine how the group performs in Q1 of this year.
Today I look at 3 marijuana stocks that have setups worth watching, especially for active investors and traders in this space.
Alternative Harvest Marijuana ETF NYSEARCA: MJ
The Marijuana Stocks ETF $MJ hasn’t made a new low for two months.
At this point there’s no solid evidence of a trend turning, but a move over 18 could be a sign of that in the short to intermediate term. If the trend does turn, there could be a lot of room for upside in that timeframe.
Aphria NYSE: APHA
Aphria $APHA earnings could set the near-term tone for the group with a scheduled release of Tuesday morning.
This marijuana stock is trading at a long time price support area while trying to reverse in a classic head and shoulders bottom setup.
Canopy Growth NYSE: CGC
Meanwhile, Canopy Growth ($CGC) has also tried to bottom for the last quarter. It managed to stop the downside momentum right at the 200 week moving average. This area was also support in early 2017. If $CGC can break above 23, then there would be a measured move target around 30-31.
It’s hard to expect much out of the market’s lagging groups, but it’s pretty clear the next move in marijuana stocks is coming soon. If that move is up, there’s going to be some room for some tradeable rallies.
Thanks for reading, trade ‘em well!
Any opinions expressed herein are solely those of the author and do not in any way represent the views or opinions of any other person or entity.