MJ Holdings, Inc. Stock Forecast
MJ Holdings, Inc. stock upgraded from Hold/Accumulate to Buy Candidate after Tuesday trading session.
(Updated on Jun 18, 2024)
No changes to the price of MJ Holdings, Inc. stock on the last trading day (Tuesday, 18th Jun 2024). During the last trading day the stock fluctuated 0% from a day low at $0.0096 to a day high of $0.0096. The price has been going up and down for this period, and there has been a 20% gain for the last 2 weeks.
The stock lies in the upper part of a very wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $0.0100 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 50.85% during the next 3 months and, with a 90% probability hold a price between $0.0091 and $0.0150 at the end of this 3-month period.
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MJNE Signals & Forecast
The MJ Holdings, Inc. stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $0.0085 and $0.0069. A breakdown below any of these levels will issue sell signals. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Monday, June 17, 2024, and so far it has fallen 0%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for MJ Holdings, Inc. stock
On the downside, the stock finds support just below today's level from accumulated volume at $0.0081 and $0.0080. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, MJ Holdings, Inc. finds support just below today's level at $0.0081. If this is broken, then the next support from accumulated volume will be at $0.0080 and $0.0073.
In general the stock tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the stock During the last day, the stock moved $0 between high and low, or 0%. For the last week the stock has had daily average volatility of 2.07%
The MJ Holdings, Inc. stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought and the RSI is still moving upwards. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely, and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: $0.0093 (-3.56%) (This stock has low daily movements and this gives low risk. The RSI14 is 72 and this increases the risk substantially. There is a sell signal from a pivot top found 55 days ago.)
Trading Expectations (MJNE) For The Upcoming Trading Day Of Thursday 20th
For the upcoming trading day on Thursday, 20th we expect MJ Holdings, Inc. to open at $0.0096, and during the day (based on 14 day Average True Range), to move between $0.0091 and $0.0101, which gives a possible trading interval of +/-$0.0005 (+/-5.62%) up or down from last closing price. If MJ Holdings, Inc. takes out the full calculated possible swing range there will be an estimated 11.24% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $0.0081, some $0.0015 (15.42%) from the current price of $0.0096, our system finds the risk reward attractive.
Is MJ Holdings, Inc. stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for MJ Holdings, Inc. stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 2.171 Buy Candidate Upgraded
Predicted Opening Price for MJ Holdings, Inc. of Thursday, June 20, 2024
| Fair opening price June 20, 2024 | Current price |
|---|---|
| $0.0096 ( 0%) | $0.0096 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MJNE
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.0096 | - |
| R2 | 0.0096 | - |
| R1 | 0.0096 | - |
| Price | 0.0096 | |
| S1 | 0.0096 | - |
| S2 | 0.0096 | - |
| S3 | 0.0096 | - |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 0.0096 | |
| S1 | 0.0081 | -15.42% |
| S2 | 0.0080 | -16.67% |
| S3 | 0.0073 | -23.75% |
FAQ
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