UnitedTrading

CGC: How to trade it!

Long
NASDAQ:CGC   CANOPY GROWTH CORPORATION
We are still in an uptrend. However, if we fall below the first support line then we could see it fall to $37.35 then bounce off the strong trend line for another try up.

Plan A: I chose to use a Pennant style pattern here(Cyan Color) So if the stock moves above the top of the pennant then we should see a breakout. The top of the channel is $48.00 so it is possible to see it go there.

Plan B: If we fall below the bottom support I see us slowly going down to the $37.35 mark. (See the orange line on the graph.) Once we hit this mark this would be a good buy in point as this is a strong support trend.

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