McGuireTO

CGC WEED bulls regain the daily uptrend

NYSE:CGC   CANOPY GROWTH CORPORATION
Happy Thanksgiving! Just a quick update, only one ticker tonight.

CGC bulls regained the daily uptrend today with a bull break over 50.21. Ew now have a daily higher low and higher high shifting the momentum back to the bulls just one week out from legalization. The RSI is breaking out of it's descending wedge of resistance and following through on the hidden bullish divergence I've been pointing out for the past week.

The next resistance is 51.21. Key hourly support is is 48.10.

Because CGC had a 6% day today and WEED didn't trade, I expect we'll see a gap up and profit taking first thing as there is information from today on the American ticker that doesn't exist on the Canadian ticker because the TSX was closed. I will be watching for a gap up open and profit taking on names that had a big bull day today ( CGC , ACB , etc) and will be watching for bulls to buy that dip when the selling pressure subsides.

Looks like our 7 weeks of bull run might have a bit of steam left after all!
Happy thanksgiving McGuire.

Always great insight and really enjoying your daily updates. Thanks and much appreciated.
+1 Reply
@nabgill, thanks for the feedback! I'm happy you find this useful
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