U.S. Dollar Soars: How Does This Threaten Your Cannabis Investments? Confidential Insights
Portfolio Pulse from Nicolás Jose Rodriguez
The U.S. dollar's recent strength poses challenges for cannabis investments, particularly the AdvisorShares Pure US Cannabis ETF (NYSE:MSOS). Despite a recent 3% gain and a 14% recovery since last Monday, MSOS has faced significant volatility, including a 40% drop over six weeks. Key support levels at $7.50 and $7.30 have held firm, with resistance around $8.00. Broader market dynamics, regulatory hurdles, and competitive pressures continue to impact the cannabis sector.
June 26, 2024 | 10:32 pm
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NEUTRAL IMPACT
AdvisorShares Pure US Cannabis ETF (MSOS) has shown resilience with a recent 3% gain and a 14% recovery since last Monday. However, it faces challenges from a strong U.S. dollar and broader market pressures. Key support levels at $7.50 and $7.30 have held firm, with resistance around $8.00.
MSOS has shown short-term resilience with recent gains, but the strengthening U.S. dollar and broader market dynamics pose challenges. The ETF's performance is closely tied to these factors, making the short-term outlook neutral.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100