LONG MSOS, pullback for entryInterested in MSOS as a cannabis fund that is entirely focused on the US domestic market. With the new administration and possibility of federal legalization this is a long-term growth opportunity.
We're looking for a solid entry point and can see that the MACD is signaling a reversal from the recent fervor. Potential entry levels are indicated. The $46 range is looking ripe as we've seen recent consolidation there and coincides perfectly with the uptrend that started in October.
MSOS trade ideas
MSOS in retracementHello dear padawans. This will be a short one. If you want exposure to the cannabis market (which seems promising under the new administration), this ETF is the new (hot) kid on the block. Its price soared 130% since September 2020. It seems it is retracing now after that shooting star candle that was the peak of the exhaustion move. I plotted the fib retracement levels so you can use those as a guide on the way down. Although the price could revert if it finds support on the emas, I am going to wait patiently to see if it fills the gap (solid support line). I am a heavy buyer anywhere below $39 if the price gets there. If it doesn't I will consider other support levels for my entries.
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***The ideas shared here are my opinion, not financial advise to place trades. Please do your own research before buying/selling stocks***
MSOS due for correction$MSOS recently went parabolic with all the hype. Correction is possible for following reasons:
- Sitting at the top of the channel with inverted hammer and bib bearish trending candle
- Open gap/inefficiency in 40's
- Too far from EMA
- Volume is dropping
Possible correction to the bottom of the channel
Invalidation: Clean break/close above last high/channel's top
$MSOS - will keep adding during dipsIn commons, I will keep adding around the $41 mark.
This has momentum from change in presidential administration and is less volatile than buying actual cannabis stocks.
This stock with GRWG and GWPH are the best cannabis stocks that I will keep adding to my portfolio.