MG U.S. Alternative Harvest ETF Forecast

MG U.S. Alternative Harvest ETF price up 0.233% on Friday
(Updated on May 03, 2024)

MJUS Signals & Forecast

The MG U.S. Alternative Harvest ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the ETF 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 $2.07 and $2.07. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). MG U.S. Alternative Harvest has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued. 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 Tuesday, April 30, 2024, and so far it has fallen -12.27%. Further fall is indicated until a new bottom pivot has been found.

Support, Risk & Stop-loss for MG U.S. Alternative Harvest ETF

MG U.S. Alternative Harvest finds support from accumulated volume at $2.09 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This ETF may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this ETF is considered to be "high risk". During the last day, the ETF moved $0.0901 between high and low, or 4.35%. For the last week, the ETF has had daily average volatility of 11.49%.

Our recommended stop-loss: $1.99 (-5.88%) (This ETF has high daily movements and this gives high risk. There is a sell signal from a pivot top found 3 days ago.)

Trading Expectations (MJUS) For The Upcoming Trading Day Of Monday 6th

For the upcoming trading day on Monday, 6th we expect ETFMG U.S. Alternative Harvest ETF to open at $2.11, and during the day (based on 14 day Average True Range), to move between $1.98 and $2.24, which gives a possible trading interval of +/-$0.134 (+/-6.33%) up or down from last closing price. If ETFMG U.S. Alternative Harvest ETF takes out the full calculated possible swing range there will be an estimated 12.67% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $2.09 (0.95%) than the resistance at $2.15 (1.90%), 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 U.S. Alternative Harvest ETF ETF A Buy?

MG U.S. Alternative Harvest holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.

Current score: -0.289 Hold/Accumulate Unchanged

Predicted Opening Price for ETFMG U.S. Alternative Harvest ETF of Monday, May 6, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.