MJjune29-300x157 ZYTrade Technical Snapshot - Cannabis Industry (MJ)

Taking MJ as our industry proxy, the technical picture hasn’t changed much since we last reported. As you can see, the Fib retracement scenario we drew up last week is holding up, with 50% retracement support at 12.50. MJ can even retrace to the 11.00 range before the current uptrend is under threat. Any price action below 10.50 should have long-biased traders concerned (though potentially attractive to longer-term investors).

 

If you want to stay updated according to our take on the broader market and economy, just check out our blog at www.zytrade.com 

 

Trading futures, options on futures, and forex involves substantial risk of loss and is not suitable for all investors. The use of leverage is not suitable for all investors and losses exceeding your initial deposit is possible. Carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources and only risk capital should be used. Opinions, market data, and recommendations are subject to change at any time. The lower the margin used the higher the leverage and therefore increases your risk. Past performance is not necessarily indicative of future results.