The uptrending channel in CGC gives us a confidence band that the price action is likely to stay within until the trend eventually changes. So far, every test of trendline support on the way up has provided CGC bulls with a low-risk, high-reward buying opportunity for shares. In other words, it could be a "buy the dips” stock.
The current resistance level is around $52, a jump of ~8% from its current price around $48. However, should share rise above that resistance level, the stock will climb even higher and above the previous highs of $59.25
I agree with you 100%. Though first we must see more consolidation. I will be looking for an entry at around the FIB618... Here is my short term expectation, please tell me what you think?
jvilanova
⋅
@Barkworth, I think we are in consolidation stage, but the weekly looks like a bull flag.