McGuireTO

CGC closing in on key support

NYSE:CGC   CANOPY GROWTH CORPORATION
CGC small gap down open today, pulling back on a significant increase in bear volume is certainly a concern for the bulls. The weak afternoon bounces certainly have me looking for possible bear-flag confirmation and to further downside; bulls must hold $48.90 and break above $50.00 psychological to negate that flag potential.

Key support for the bulls to maintain the daily uptrend is $48.02. This sits in the middle of a low volume node, meaning a break could see price continue downwards towards $46.20 where we start to see much more volume support.

Resistance to break are $48.98 (call it $50 psychological) and $51.04 high of today.

I'm not giving the bulls any benefit of the doubt - a pullback this significant on increasing bear volume is a definite red flag for me.

How CGC moves from here will dictate the direction for the rest of the sector heading into legalization on October 17th. Losing that support at $48 makes it less likely we will see new highs heading into next month.
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