Is It Time To Buy The Alternative Harvest Cannabis ETF MJ?

In financial markets, there are certain price levels that are more important than others. And the ETFMG Alternative Harvest ETF (NYSE:MJ) is getting close to one. If it reaches it, it could be a good time to buy it.

The $16 level was support for MJ in late 2019 and early 2020. Then it was a resistance level in November and December 2020. And just like support levels can turn into resistance levels, resistance levels can turn into support levels.

Now after a long downtrend, the shares are getting close to this level once again. If they do there’s a good chance they find support. This could be the base for a new move higher.