Well, today turned out to be another red day for MSOS and the broader cannabis space, and it’s starting to feel a bit repetitive. Over the past few weeks, a clear short-term trend has emerged that’s hard to ignore. Today marked the fifth consecutive red Monday, with MSOS closing below the open once again which I've highlighted on the chart. That kind of consistency isn’t random, even if the reason behind it isn’t perfectly clear.
If I had to speculate, part of it may come down to expectations heading into the weekend. Cannabis stocks are extremely headline driven, and traders seem to go into Fridays hoping for fresh regulatory or political news to drop over the weekend. When Monday rolls around and nothing materialized, enthusiasm fades quickly and selling pressure takes over. Without a catalyst to lean on, the path of least resistance has simply been lower on Mondays.
What makes this even more interesting is what’s been happening the following day. While Mondays have consistently been red, Tuesdays have quietly been green. The last four Tuesdays all closed above the open, which suggests that some dip-buying or short-covering has been stepping in after Monday’s weakness. Whether that pattern continues remains to be seen, but it’s something I’ll be watching closely tomorrow to see if the market sticks to the recent script.
Beyond these short-term day of week tendencies, there really isn’t much else to say right now. MSOS continues to chop sideways, going nowhere in a meaningful way. From a positioning standpoint, nothing has changed for me. I’m still holding my long position from last summer, but I’m not interested in adding here. For that to happen, I’d need to see MSOS decisively clear the $5 level. Until then, this remains a market defined by noise, patience, and a whole lot of waiting.
For more analysis and market insights, visit my homepage
No comments:
Post a Comment