Medical Marijuana Stock Forecast
Volatile ride for Medical Marijuana stock price on Thursday moving between $0.0022 and $0.0027
(Updated on Apr 18, 2024)
No changes to the price of Medical Marijuana stock on the last trading day (Thursday, 18th Apr 2024). During the last trading day the stock fluctuated 22.73% from a day low at $0.0022 to a day high of $0.0027. The price has fallen in 6 of the last 10 days and is down by -17.24% for this period.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -28.56% during the next 3 months and, with a 90% probability hold a price between $0.0004 and $0.0024 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
Volume gained on the last day while the price remained unchanged. This is not a classical divergence, but the stock should be watched more closely at it may be a "turning point". 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. The Medical Marijuana stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $0.0026 and $0.0025. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, April 05, 2024, and so far it has fallen -31.43%. 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).
Support, Risk & Stop-loss for Medical Marijuana stock
Medical Marijuana finds support from accumulated volume at $0.0023 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 a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0.0005 between high and low, or 22.73%. For the last week, the stock has had daily average volatility of 28.55%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (MJNA) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect Medical Marijuana Inc. to open at $0.0024, and during the day (based on 14 day Average True Range), to move between $0.0019 and $0.0029, which gives a possible trading interval of +/-$0.0005 (+/-22.34%) up or down from last closing price. If Medical Marijuana Inc. takes out the full calculated possible swing range there will be an estimated 44.68% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.0023 (4.17%) than the resistance at $0.0025 (4.17%), 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?
Medical Marijuana 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 stock. We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Sell candidate.
Current score: -4.679 Sell Candidate Upgraded
Predicted Opening Price for Medical Marijuana Inc. of Friday, April 19, 2024
| Fair opening price April 19, 2024 | Current price |
|---|---|
| $0.0024 ( 1.39%) | $0.0024 |
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 | 0.0029 | 22.22 % | |
| R2 | 0.0027 | 14.26 % | ||
| R1 | 0.0026 | 9.35 % | ||
| Current price: | 0.0024 | |||
| Support | S1 | 0.0022 | -6.57 % | |
| S2 | 0.0021 | -11.49 % | ||
| S3 | 0.0019 | -19.44 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0027 | 12.50 % | |
| R2 | 0.0026 | 8.33 % | ||
| R1 | 0.0025 | 4.17 % | ||
| Current price | 0.0024 | |||
| Support | S1 | 0.0023 | -4.17% | |
| S2 | 0.0022 | -8.33% | ||
| S3 | 0.0019 | -20.83% |
FAQ
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