MJNA - On friday we saw pretty much all of the weed stocks make a nice move with some good volume. There has been times where MJNA popped but no-one else in the group popped and so it never amounted to anything but on friday we saw the entire group of stocks get moving. MJNA will have the best liquidity and trades very clean. Key support around .15c and resistance levels are .18 .20 .24c . If the whole group adds on to gains on monday I think we could see MJNA turn into a nice swing play.
HEMP - Another weed name that saw a huge spike in volume. This stock could be the biggest % gainer but I do believe will be one of the riskier plays of the group as the closest support is at .012. The next resistance level however is above .02c so the range on this one is pretty wide. Needs to break .017c monday morning
Other weed names you could watch, CBIS – PHOT – GRNH
MWIP - This stock was by far one of the greatest calls our site has had. We first started focusing on MWIP last year when it was trading around .005c and it went on to run over 1000% over the course of a few months. Obviously we didnt buy and hold that entire move but we did catch the majority of the moves because it gave us mulitple entry points…Anyways, on friday MWIP got some decent volume and it could turn into something. On watch for prior high break on monday. I think recent highs around at .052 are in play and if it were to get there I believe it will break through it. Will give updates if it hits it.
NEWL - Saw a gap and go on friday and then it went on to close at the highs. This is a former runner and it could be ready to go yet again. What I want to see is a flat open on monday. If it gaps up I think the gap will get sold and it shouldn’t be bought. The last time NEWL saw a big rip and then gap up it failed hard. View 6/17 -6/18. Dont want that to happen again, so only in play if it doesnt gap up huge.
Others to watch CERP BBDA MPIX
GLD - Last week GLD put in a pretty nice looking reversal candle on the weekly chart as we saw GLD rocket higher on thursday and then sit quietly on friday to consolidate the big move from prior day. GLD is at a really key level now of resistance because we are at a downtrend line that has held since early May of this year but with some of the key moving averages curling up like the 8/21/50ma’s and the slightly bullish options activity we saw on GLD last week I believe a move to the upside is in cards for this week. We really need to break above 128ish early in the week to get us clear of this downtrend line, if we can do that on Monday/tuesday I believe that opens the door for a higher rip into the 130s by friday. I am currently long GLD with 128x calls.
MA - Is currently in a bull flag however, I believe this bull flag is going to fail and therefore will look for a short entry on this stock. MA recently had a huge 90pt move in less than a weeks time and since then has been holding onto the gains but with the markets in my opinion due for another pullback I do believe we will see some selling come into MA and there really isnt much support levels til around 600. Now I am not saying MA is going to 600, but I do believe the 21ma could get touched soon, currently trading around 614. If we look at a 60min chart we see support formed on MA at 640 but during the last hour on friday it cracked that level and some decent volume came out… I am going to look to play the weekly 630x puts on monday and if it doesnt start selling off by mid tuesday Ill exit position. I want to se 640 get rejected on any bounces, former support needs to become resistance for this trade to work.
LNKD - If markets don’t pull back this week like I think they will then I will at LNKD for strength because it is still holding onto its earnings gap and looks ready to go at any time but I do believe it needs the overall market to either hold flat and trend up. LNKD needs to break above 235.80 to get me interested on the long side.
Remember this is just a watchlist and do not guarantee to be profitable trades. Use your own judgment when making the trade.
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