MG Alternative Harvest ETF Forecast
MG Alternative Harvest ETF price down 1.13% on Friday
(Updated on Jun 21, 2024)
The MG Alternative Harvest ETF price fell by -1.13% on the last day (Friday, 21st Jun 2024) from $3.54 to $3.50. During the last trading day the ETF fluctuated 3.31% from a day low at $3.43 to a day high of $3.54. The price has been going up and down for this period, and there has been a -3.31% loss for the last 2 weeks. Volume has increased on the last day by 343 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 640 thousand shares were bought and sold for approximately $2.24 million.
The ETF lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $3.29 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the ETF is expected to fall -11.24% during the next 3 months and, with a 90% probability hold a price between $2.92 and $3.99 at the end of this 3-month period.
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MJ Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, June 14, 2024, and so far it has risen 2.64%. 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. The MG Alternative Harvest ETF holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $3.51 and $3.86. A break-up above any of these levels will issue buy signals. Volume rose on falling prices yesterday. This may be an early warning and the ETF should be followed more closely.
Support, Risk & Stop-loss for MG Alternative Harvest ETF
MG Alternative Harvest finds support from accumulated volume at $3.41 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This ETF has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the ETF moved $0.113 between high and low, or 3.31%. For the last week, the ETF has had daily average volatility of 2.98%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (MJ) For The Upcoming Trading Day Of Monday 24th
For the upcoming trading day on Monday, 24th we expect ETFMG Alternative Harvest ETF to open at $3.49, and during the day (based on 14 day Average True Range), to move between $3.37 and $3.63, which gives a possible trading interval of +/-$0.134 (+/-3.84%) up or down from last closing price. If ETFMG Alternative Harvest ETF takes out the full calculated possible swing range there will be an estimated 7.67% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $3.41 (2.57%) than the resistance at $3.73 (6.57%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is ETFMG Alternative Harvest ETF ETF A Buy?
MG Alternative Harvest holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this ETF.
Current score: -3.281 Sell Candidate Unchanged
Predicted Opening Price for ETFMG Alternative Harvest ETF of Monday, June 24, 2024
| Fair opening price June 24, 2024 | Current price |
|---|---|
| $3.49 ( 0.253%) | $3.50 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MJ
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 3.60 | 2.99% |
| R2 | 3.56 | 1.75% |
| R1 | 3.53 | 0.98% |
| Price | 3.50 | |
| S1 | 3.45 | -1.49% |
| S2 | 3.42 | -2.26% |
| S3 | 3.38 | -3.49% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 4.18 | 19.43% |
| R2 | 3.83 | 9.43% |
| R1 | 3.73 | 6.57% |
| Price | 3.50 | |
| S1 | 3.41 | -2.57% |
| S2 | 0 | - |
| S3 | 0 | - |
MJ Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 15, 2024 | Mar 26, 2024 | Mar 28, 2024 | $0.0558 | 1.33% |
| 2 | Dec 27, 2023 | Dec 27, 2023 | Dec 27, 2023 | $0.0560 | 1.72% |
| 3 | Sep 19, 2023 | Sep 20, 2023 | Sep 22, 2023 | $0.0300 | 0.794% |
| 4 | Jun 21, 2023 | Jun 21, 2023 | Jun 21, 2023 | $0.0300 | 0.98% |
| 5 | Dec 27, 2022 | Dec 28, 2022 | Dec 30, 2022 | $0.0660 | 1.55% |
FAQ
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