Double top or can this turn into a double bottom?
I have the strange feeling that the DEA may not reschedule due to lack
of data or some other bs lame reason. If this happens, I can see this double
top playing out and stock dropping back down to the $4-$5 area.
If the DEA does reschedule marijuana - I can see a double bottom playing out
from neckline and stock...
Will bulls pull off some blunt force trauma? Bounce off somewhere above $9.96, blast thru 10.64 resistance and flirt with $11.50 by Friday? Why the F%&$ not?
Looking to add to my #MSOS position in the event it reaches the .5 Fib. If it breaks lower, would take the loss and average into a longer swing trade position on daily consolidation. The strength of the breakout pivot is impressive. Aggressive bulls will be delighted with broader market strength. AI driving the market, so eyes are there for indications of trend changes.
Simple trend trade on MSOS
Great Support / Resistance around 8.80 testing the daily 50ema and Fib levels.
4h & 1h time frames you can see a wedge patter form, waited for price to break the 1h 50 ema and placed an options trade.
Expiration date 3/15 bought at $10 and selling at $10.50.
MSOS looks poised on a Cup and Handle pattern for a potential breakout. Stop Loss @ 20% in a smaller position size to start. Need to see it play out, but bullish divergence in RSI looks good. .5 Fib - Orange - is a BUY. #MSOS
AMEX:MSOS is a Cannabis ETF that looks to be basing for the last 4 months. Cannabis stocks have not been on my radar for more than a year. It looks like institutions are getting interested now. Since that appears to be the case, I am interested too.
Maybe this should be on your watchlist too.
See chart for my notations and thought process. I have an alert set...
Weed jokes aside.....this one is heading higher.
Bought back in yesterday - anticipated a falling
wedge breakout.
1. No confirmation yet
2. Had a 50/200 cross the other day
3. 50 curling up
4. Breaking out of falling wedge
5. Open gap at $11+
6. Congress will eventually clean up their mess
7. Surprise rescheduling perhaps.
Since September, MSOS has been consolidating off the pop from news of possible rescheduling of marijuana.
With a triple bottom bounce of $6.90, it seems that this breakout is going to be likely soon.
If it does breakout successfully, we could see a movement of ~100% to about $14 levels assuming the move is the same as the length of the flag pole (bull flag)....
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MSOS News pump, so a short based off of past trends could be warrented, but watching for a nice correction and some reactions off of these levels starting at 6.44 and 5.56.
Just hit the only monthly buy signal its ever had.
Next gap up on the daily @ $11.18.
Heavily shorted sector.
Weed = 6th largest cash crop in US
DOJ will agree with HHS.
SAFE Banking this month.
Most holdings are trading way under book.
I once smoked way too much of that butane hash/wax/dab
stuff once and I literally saw the back of my face with my...
I still believe that marijuana was way funner to smoke
when it was illegal and frowned upon. At my age now, I hate
the stuff - to strong/don't like the way it makes me feel. LSD BABY!
Despite all that, I am closely watching MSOS. Three things:
1. SAFE Banking Act will make this pop. Our do-nothing senate
reconvenes in Sept.
2. Just read an article about a...
I've been waiting for $MSOS to bottom because the upside looks amazing once it does. But I think we'll see another leg down before we see the final capitulation.
The reason being the cloud on the 1D timeframe. With that thick of a cloud, almost no chance that price will break through it, and it leads me to think that the next move is likely lower.
Looking at the...
The fund is an actively managed ETF that seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in securities of companies that derive at least 50% of their net revenue from the marijuana and hemp business in the United States and in derivatives that have...
Several good signals from the past 2 months:
Actual legislation being passed on the federal level... signs of price action detachment from broader S&P... greatly increased volume compared to any time during selloff.
My bullish case is that I expect a final 5th wave surge to around 17.50+ followed by a period of consolidation for wave 2 with an eventual parabolic...
