McGuireTO

CGC looking for a break mid next week

NYSE:CGC   CANOPY GROWTH CORPORATION
CGC saw another day of consolidation on very low volume , with the low of day holding the lower trendline of the pennant as support. It's clear to me we have another little daily equilibrium forming with the bulls looking to form a higher low relative to 44.90 to form a base of support and run up to break 50.21 and shift the daily trend back in favour of the bulls.


On the 4hr chart we can see more details of our equilibrium pattern. The bulls are trying to bounce from 46.42 as our new base of support but we aren't fully confident yet of that as our new higher low.

Key range to watch right now is 44.90 - 50.21. Keep an eye on the 4hr chart to watch this range tighten as it gives the most clarity on the short term action. This pullback is more than the bulls would have hoped for, so we are more likely than now to set a lower high and continue this tightening pattern. The RSI and MACD are both showing hidden bullish divergence on the daily chart but that will be negated if we head down to lower lows.

Be aware there is market correlation between the mj sector with the S&P500 , and keep in mind that it lost the weekly uptrend today. It's often said that high tides raise all boats; likewise, low tides can beach all ships.

By the way, I do analysis on the entire sector across all the mj charts I publish. If you're not looking at all the names I talk about, you're not getting the full sector-wide analysis. Follow me to get updates when I publish ideas and pay attention to the mj names you typically don't look at too, so you can stay in the know and get the full picture.
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