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AdvisorShares Pure US Cannabis ETF ($MSOS) September - Buy or Sell?
Pot Stocks appear to be on a rally since end of June and going through July and August. As predicted August proved to be the pivot timeframe needed to pullback, but is this pullback actually a cycle correction? To gauge the MSOS marijuana stock price prediction, let's take a look in more detail.
Quotes by TradingView
MSOS Monthly Chart Analysis
Short and simple; If we look at $MSOS cannabis ETF ticker on the monthly timeframe, this is how I would draw it up. It makes sense this correction is extended from the previous short, "ABC" prior pullback.
MSOS Weekly Chart Analysis
The chart on a weekly timeframe suggests the same as the monthly, as the first sell off pullback formed a triangle and used an "ABCDE" wave for the bear impulse to take over and briefly giving us an "ABC" pullback after the first impulse correction. This makes sense, again using the alternative pullback here ("12345"). Making its price target around $15.22. But this will get us out of the prior trend threshold, so what can we expect afterwards?
MSOS Weekly Chart Analysis = Bullish?
Once could make the argument that this pot stock has already made its bearish impulse waves (circled '12345') and this is the cycle correction. Which will eventually end up in the same pivot position as previous chart (above). But this time it shows an open field of new highs to reach before meeting prior thresholds on the cycle starting out.
MSOS Weekly Chart Analysis = Bullish Continuation
Now, we take the same chart as before and we turn on the volume profile. There is a big gap separating and it already shows us under POC, making our return currently. So, have we technically been overbought this long way down and now, since end of June, making our correction towards POC (being oversold in July)? If so, I would expect to make a pivot around $16.49 and start using the short resistance and new bull support.
MSOS Daily Chart Analysis = Bullish Outcome
Let's turn that weekly timeframe into a daily and examine this bullish outcome. By doing so, we see that a wedge channel is forming, and it is totally possible to hit all of those bullish price targets, which ends up in new territory. If MSOS can touch $16.50 and still have $12.22-ish hold as new support, I would say we have ourselves a bull impulse wave and this would prove to be a cycle correction.
MSOS Daily Chart Analysis = Bearish Outcome
Watch the level of support and the volume input when these support and resistance areas come into play. I will be watching if $12.20-ish holds for a strong bullish pivot, $12.00 being a close call, but if bids are in place than it still might have a chance of following bulltrend.
On the other hand, if we see MSOS close below $12 and makes its way underneath $11.57, shorts will appear to have the better position and could sink this and other pot stocks down to retest and quite possibly sell off to new lows. Pot StocksWriting by Nick CaskeyPot Stocks provides stock chart technical analysis for cannabis investors in the marijuana sector of the stock market(s). Follow PotStocks420 on Twitter! Made or saved money by following these charts? Consider sending a tip or donate towards the analyst's pain management fund.
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Disclaimer: The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations by Pot Stocks - These are theories and ideas using a chart analysis method developed by Nick Caskey.