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ZYTrade Technical Snapshot - Cannabis Industry (MJ) - Oct 27, 2020

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With everything else going on in the world right now, the last thing mainstream investors will pay attention to is the cannabis industry. As legal cannabis slowly makes its sweep across the US, its hard to think that its only a matter of time before this industry becomes more lucrative for investors.

Right now, MJ is trying to recover from its longer-term and near-term downtrend. As you can see, MJs intermediate-term trend shows some promise that the downside may be due for reversal. Critical support is at 10.00 while a break above 12.00 may signal a near-term uptrend which may come under pressure between the 13.00 and 14.00 range. A break below 10.00 might find stronger support at its March low of 9.00. Again, depending on how you are approaching this market, as a swing trader or investor, this may present different opportunities at different price points.

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About the author

Karl Montevirgen is an independent content writer. Having been involved in the commodities and FX markets for the last 9 years, Karl writes for several companies and publications in the finance space. 

You can view his extended profile, list of publications, and theoretical content work on his LinkedIn page. 

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