ChrisJTradesFX

Canopy Growth Co.

NYSE:CGC   None
I'm publishing this idea with my older brother in mind due to him bringing this Marihuana stock to my attention a couple months ago. I'll try to be quick, but even though I don't like picking sides I will say that I'm more bullish than bearish for a few reasons so let's begin!

Confluence (3 or more):

1. P.A. retested HTF resistance turned support for 1st time ($8.91)
2. HTF bullish wedge
3. Untouched O.B. ($13.88-$14.81) underneath last month's closing candle
4. P.A. shift (LLs to LHs) from a HTF perspective

I would like to see a push down in price to that untouched O.B. before the bulls enter the market, but due to a huge barrier that's holding up price I'd sit out until there's a B.A.R. of the $21-$26 area.

Fundamentals:

"Canopy can also take advantage of the strategic deal inked last year with U.S. hemp company Acreage Holdings to market it's products. Acreage will market Canopy's diverse beverage portfolio in the U.S., which should also help make Canopy a worthwhile investment for long-term gains."

Also, if my analysis help YOU in any way, shape or form then please consider donating to the cause. It's appreciated.
Comment: Price action B.M.S. in bull's favor.

Comments

Lets hope this works out, currently in a good sized long so fingers crossed on this one.
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ChrisJTradesFX Eternal_Salsa
@Eternal_Salsa, Let's keep our eye on this one. That compression look like it's in the bull's favor.
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ChrisJTradesFX Eternal_Salsa
@Eternal_Salsa, It's breaking
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Eternal_Salsa ChrisJTradesFX
@ChrisJTradesFX, IDK especially with earnings, so i got out
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