DEA Headlines Light Up Interest in Pot Stocks

$MJ

Here’s the story -

https://www.axios.com/2024/01/04/dea-weed-marijuana-legal-decriminalize-federal

The divergence in MJ 0.00%↑ hasn’t meant much in a few years, but a notable uptick in volume in Q4 2023 makes this worth watching.

The daily chart shows a potential entry point -

The blue trendline is the AVWAP from the September high. A break above there would signal buyers are in control again, offering up the AVWAP from 2021 (first chart) of around $9 before we might see supply take back over. It’s equally likely that the break doesn’t occur, but this is one to keep an eye on here.