mukit1

CGC: Is it time for a high or just blowing smoke??

Long
NASDAQ:CGC   Canopy Growth Corporation
CGC is looking the best among the pot stocks; as the entire industry looks beat up. From corrections perspective, we can say technically downturn has reached the optimum fib relations and the structure looks to have met the proper finish. There is good amount of divergence in RSI that is currently playing out. Question is is it just another pop before the drop or is it start of something massive. To have a confirmation we first need to see a 5 waves move up and a 3 down, breaking the channel and retest it. We should see daily RSI remain above 50 during the move up and during the corrections. Ideally would want to see a higher high above $9.27 before committing. So far, looking pretty good. If the top end of the channel proves to be too much resistance and RSI falls back below 45, we might get one more lower low.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.