thiluxan_s

Canopy Growth - Critical Point

NYSE:CGC   None
Critical Point for Canopy Growth.

Resting right on the 50EMA and bottom trend line of the ascending channel .

Failed to close above 200EMA and tested back down to bottom of the ascending channel .
Ascending channel traditionally leads to lower prices but that's after the breaking of the lower trend line .

Possible test of .618 fib level which also meets with the 200EMA.
Possible short-term upside play with stop loss can be practical.
A good bullish confirmation overall would be a daily candle close or two above the 200EMA, creating enough of a divergence between it and the 50EMA, also creating a new high in this micro trend.

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