Technical Swing Trading Spotlight - MJ Fund ETFMG Alternative Harvest ETF
Karl Montevirgen of Independent - Writing for Multiple Companies - InsideFutures.com - Wed Mar 13, 1:12PM CDT

Today, Aurora Cannabis (ACB), HEXO Corp (HEXO), and CannTrust Holdings (CTST) appear to be leading the pack in the legalized marijuana sector. Lets take a technical look into whats happening with the MJ Fund ETFMG Alternative Harvest ETF (MJ).



This chart was from a previous article in which we anticipated a breakout from consolidation at [A] toward its resistance target at [B], another early entry breakout at [C] with a target at resistance at [D].


Right now, not only are we seeing a series of consecutively higher lows, the resistance at [D] seems to be forming a classic cup with handle pattern. These patterns, which can be more reliable at times than others, is a gives a bullish indication predicated on a high-volume breakout and follow-through.


So naturally, we see this as a potentially bullish swing trade given that a high-volume breakout occurs at [1] and that price stays well above the most recent swing low at [3]. Should this occur, resistance may likely be met at the October 16 high of 44.29 as shown in [2].



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