Hello Traders,
today I´d like to show you another Pot stock: Canopy Growth Corp: (Ticker:CGC)
As you see, the stock is in a corrective move, that retraced a 0.7 Fibonacci if the possible wave ((i)).
On the bigger picture it is quite noteable, that the overall trend is up, labeling the count as an (A)-(B)-(C) pattern or an impulsive move. In the latter case, it could be pssible that CGC is at forefront or has start a multi year uptrend!
But, back to short term picture.
At the 180 min chart CGC is correcting within a downslope trendchannel, retaced near a 0.7 Fibonacci. Note the behavior of the stock in contrast to the move from the possible wave (B) low.
CGC made a low at 39.68 and short after gaped to the upside and nearly closed the gap within a corrective setback. What follows was a strong move to the upside with a gap up in „three of a three“ and a run to 52.72$!
The same could be possible in the short term. After the low at 43.69 CGC gaped to the upside, nearly closed the gap in a corrective move and rallied short term. If a gap to the upside is next to occur, the odds do increase that a wave „3“ is at start, that at least will push CGC to new highs well above the 52.72$ a share! Another good hint for higher pricee still, would occur in the case of a breakout of the drwan trendchannel (blue) to the upside.
Conservative traders stopp below the level of the 43.59 area, while the stock has no buisiness (to my view) to trade below the 42.62 level (possible wave (i))!
So, I will monitor this stock in the coming days and weeks. If any new pattern develop, we will discuss at this pages.
Have a great week...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
today I´d like to show you another Pot stock: Canopy Growth Corp: (Ticker:CGC)
As you see, the stock is in a corrective move, that retraced a 0.7 Fibonacci if the possible wave ((i)).
On the bigger picture it is quite noteable, that the overall trend is up, labeling the count as an (A)-(B)-(C) pattern or an impulsive move. In the latter case, it could be pssible that CGC is at forefront or has start a multi year uptrend!
But, back to short term picture.
At the 180 min chart CGC is correcting within a downslope trendchannel, retaced near a 0.7 Fibonacci. Note the behavior of the stock in contrast to the move from the possible wave (B) low.
CGC made a low at 39.68 and short after gaped to the upside and nearly closed the gap within a corrective setback. What follows was a strong move to the upside with a gap up in „three of a three“ and a run to 52.72$!
The same could be possible in the short term. After the low at 43.69 CGC gaped to the upside, nearly closed the gap in a corrective move and rallied short term. If a gap to the upside is next to occur, the odds do increase that a wave „3“ is at start, that at least will push CGC to new highs well above the 52.72$ a share! Another good hint for higher pricee still, would occur in the case of a breakout of the drwan trendchannel (blue) to the upside.
Conservative traders stopp below the level of the 43.59 area, while the stock has no buisiness (to my view) to trade below the 42.62 level (possible wave (i))!
So, I will monitor this stock in the coming days and weeks. If any new pattern develop, we will discuss at this pages.
Have a great week...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!