4 Stocks That Could Be Loving the High in 2024
Michele Schneider | Dec 19, 2023 12:43AM ET
Just for the fun of it and since we did not include it in our Outlook 2024, I decided to have a look at what experts are saying concerning mushrooms, cannabis, and hemp.
After all, recreational and medical alternatives as investments, have been huge underperformers and a bit of a legend in their own minds.
As I looked around, I saw predictions for increasing sales of pre-rolls, reduction of THC percentages in products to encourage more sales, improving medical benefits and the continuing rise of mushrooms as contenders.
What caught my eye though was this:
“In 2024, hemp beverages will do more to normalize cannabis in the minds of the consumer than any other form factor.”
Kenny Morrison
Founder
CQ is a beverage company that makes hemp-infused juices and sodas.
The cans are fun. The message is “Crafted from the highest quality ingredients, expect a refreshing infusion of real fruit and terpene-rich cannabis for a deliciously juicy buzz.”
They are not though, publicly traded.
Hemp, I mean hence, I looked up four stocks I found surprising technically and perhaps great for the new year to add to your portfolio.
Altria (NYSE:MO) came up in my search for companies that sell hemp and other infused companies.
Underperforming SPY and yet an improved phase change to recovery tells me this is one to watch.
MO spent all of 2023 under the 23-month moving average. Watch for a move over 46.00.
Anheuser-Busch InBev (NYSE:BUD) looks better.
Also, underperforming SPY, check out that golden cross.
Momentum is interesting as well, watch this one on a weekly close over 65.00.
Molson Coors Beverage (NYSE:TAP) had a huge drop from the highs last week. However, the longer-term charts look fine.
Some volume and a shove back over 64.00 looks interesting.
AbbVie Inc (NYSE:ABBV) looks the best right now. This is outperforming SPY and momentum is super strong.
Get The News You Want
Why ABBV? Marinol, a compound known as dronabinol, is a synthetic form of THC that shows the promise of cannabis as a treatment.
More importantly, is it a direct sign of traditional pharma navigating the alt treatment space.
Over 155 could easily take this to 175 or beyond.
For educational purposes, only-all trading comes with risk.
h2 ETF Summary/h2- S&P 500 (SPY) 475 resistance 465 underlying support
- Russell 2000 (IWM) 200 resistance and 194 support
- Dow (DIA) Strongest index and needs to hold 370
- Nasdaq (QQQ) 410 resistance with support at 395
- Regional banks (KRE) 47 support 55 resistance
- Semiconductors (SMH) 174 pivotal support to hold this month
- Transportation (IYT) Needs to clear these highs and hold 250
- Biotechnology (IBB) 130 pivotal support
- Retail (XRT) Huge gap up last 2 days of the week that now needs to hold.
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.