Medical Marijuana Stock Forecast
Volatile ride for Medical Marijuana stock price on Wednesday moving between $0.0025 and $0.0032
(Updated on Mar 27, 2024)
The Medical Marijuana stock price gained 4.59% on the last trading day (Wednesday, 27th Mar 2024), rising from $0.0027 to $0.0028. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 28.00% from a day low at $0.0025 to a day high of $0.0032. The price has risen in 6 of the last 10 days and is up by 156.73% over the past 2 weeks. Volume fell on the last day by -1 million shares and in total, 21 million shares were bought and sold for approximately $60.71 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
Given the current short-term trend, the stock is expected to fall -43.36% during the next 3 months and, with a 90% probability hold a price between $0.0004 and $0.0016 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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MJNA Signals & Forecast
The Medical Marijuana stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $0.0023 and $0.0026. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, March 13, 2024, and so far it has risen 156.73%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Medical Marijuana stock
Medical Marijuana finds support from accumulated volume at $0.0027 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move very much during the day (volatility) and with periodic low trading volume this stock is considered to be "very high risk". During the last day, the stock moved $0.0007 between high and low, or 28.00%. For the last week the stock has had daily average volatility of 39.25%.
Our recommended stop-loss: $0.0027 (-3.44%) (This stock has very high daily movements and this gives very high risk. There is a buy signal from a pivot bottom found 10 days ago.)
Trading Expectations (MJNA) For The Upcoming Trading Day Of Thursday 28th
For the upcoming trading day on Thursday, 28th we expect Medical Marijuana Inc. to open at $0.0028, and during the day (based on 14 day Average True Range), to move between $0.0023 and $0.0034, which gives a possible trading interval of +/-$0.0006 (+/-19.96%) up or down from last closing price. If Medical Marijuana Inc. takes out the full calculated possible swing range there will be an estimated 39.92% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.0027 (4.39%) than the resistance at $0.0032 (13.31%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Medical Marijuana Inc. stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term.
Current score: 3.310 Buy Candidate Unchanged
Predicted Opening Price for Medical Marijuana Inc. of Thursday, March 28, 2024
Fair opening price March 28, 2024 | Current price |
---|---|
$0.0028 ( 0.614%) | $0.0028 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MJNA
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.0035 | 25.40 % | |
R2 | 0.0033 | 15.93 % | ||
R1 | 0.0031 | 10.08 % | ||
Current price: | 0.0028 | |||
Support | S1 | 0.0026 | -8.86 % | |
S2 | 0.0024 | -14.70 % | ||
S3 | 0.0021 | -24.17 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.0035 | 23.94 % | |
R2 | 0.0034 | 20.40 % | ||
R1 | 0.0032 | 13.31 % | ||
Current price | 0.0028 | |||
Support | S1 | 0.0027 | -4.39% | |
S2 | 0.0026 | -7.93% | ||
S3 | 0.0025 | -11.47% |
FAQ
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