It could be time for the US Cannabis MSOs.
I no sooner added Cresco Labs (CRLBF, per the trade log) on its little pullback this morning and then it reversed and popped. Here is the daily chart. Of course it will not really mean business as a bottom feed until it takes out the SMA 200.
It’s not just Cresco. GTBIF busted a move yesterday, pulled back this morning and reversed upward again. These look like signs of buyers just waiting for pullbacks in order to buy. Oh and look, it’s above the SMA 200!
CURLF is similar. Above the SMA 200 and with green RSI and MACD and looking like a good low is in for an extended trade at least.
TCNNF is poking the SMA 200 now.
PLNHF is a smaller, more specialized MSO. It’s still in bottom feed mode and I want to look into the company again. Could be a catch up candidate if the general play continues to be a good seasonal trade.
There are a few others in the Cannabis sector I keep an eye on (VRNOF, FFNTF as well as the more publicized likes of TLRY, CRON, etc.) but the above are the main interests, personally.
Just a quick view of a tax loss seasonal spec in progress. I am interested in bringing in another one or two of the above.
A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the technical parameters are already noted. These updates are meant as a starting point for your further research if interested. I will not personally buy every item highlighted and will sometimes sell (ref. Trade Log) any item that I do buy below target (assuming I’ve not stopped out or sold for some other reason) as I often do. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.
Take a look at MSOS. Started nibbling into in June 2022 (which produced nothing but grief), but it’s finally pop green for me. What I like is it trades millions of share per day, unlike some others I have that do only 10s of thousands. Today, MSOS is at 6.3 million shares traded.
Thanks Paul. Will do.