Here’s another edition of our chart-based weekly with our FinTwit friend Rhum.
Every week he breaks down charts from some of the hottest tickers out there. These charts will show you some of the most hyped-up names of the week, and maybe even a few that might be good buying opportunities.
If you like the charts, don’t forget to support Rhum and his blog for his hard work and don’t hesitate to send in any chart requests either.
HMMJ – An Essential Investment Too?
U.S. marijuana producers have now confirmed that marijuana dispensaries are an essential service across many states in order to serve medical patients. Canadian LPs are also still able to sell their products with the government cannabis sites still operating at a minimum.
While many other businesses have had to shutter their stores for the foreseeable future, cannabis companies receive the much-needed nod to continue operations. While this could change any day, it’s a boon to most of the cash-strapped producers.
JNUG – Leveraged Gold Exposure
Direxion Junior Gold Miners 3X (NYSEArca: JNUG) is a leveraged ETF that provides you with substantial, but risky gold exposure. In a rising gold price environment, this would be a potential multi-bagger, however given the recent market volatility, this should be traded with extreme caution.
SONA – COVID-19 Immune?
Sona Nanotech [stock_market_widget type="inline" template="generic" color="default" assets="SONA.CN" markup="(CSE: {symbol} {currency_symbol}{price} ({change_pct}))" api="yf"] designs and manufactures diagnostic tests for medical applications. Last week they announced they achieved a significant milestone for the development of a COVID-19 field test that can produce results in minutes.
While it’s unclear how many hurdles remain, this sort of development would undoubtedly be a game-changer for the company if realized. At the very least, this could be an interesting stock to trade.
USD/CAD – Overbought?
After recent weeks of USD strength, the USD/CAD has entered overbought territory. While it’s unclear how this unknown macro-environment might affect the ratio, historically we are due for a pullback.
