FleurdelisFX
Long

CGC Long - Easy Bounce Back Reversal From Pre Earning FOMO $17+

NYSE:CGC   CANOPY GROWTH CORPORATION
Previous bear resistance is now bull support. Marijuana stocks are just too strong. Ignore the noise and play the charts. Anyone that bought marijuana stocks in the 2018 hype phase post Bitcoin and the crypto boom knows that Tilray was the hype and CGC was the anchor. Retailers don't care about market cap; they only look at price. Tilray is now past $10 and CGC is back to $16. It wasn't long ago that Tilray was just $2.50 and ACB was $0.75 pre reverse stock split. The ACB rampage made us all lot of gains as we bought up call options for every other marijuana stock. In this pullback, we are just putting some of those profits to buy the stock. Aphria is now on NASDAQ to lift all boats.

Comments

Agreed, that pre earnings rally was bound to see a sell off at earnings. Too bad they missed and disappointed by as much as they did. The chart looks pretty bearish to me though. Fell below MA20 daily. The phenomenon that many describe as 'dip buying' is just short covering. But as you say, $17 to $17.50 upward and $15 downward would make sense as a short term range.
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