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Ochlokrat
Mar 28, 2024 11:06 PM

High Hopes: Riding the Green Wave Long

CANOPY GROWTH CORPORATIONTSX

Description

After a long and exhausting bear market, cannabis stocks are back in investors' focus. Stocks like Canopy Growth are booming. A gold rush atmosphere is emerging, reminiscent of the early years of Bitcoin and other cryptocurrencies. Are we seeing perpetual green candles or rather dense, stifling fog? As always in trading, it's about controlling risk. And here, we see an almost insane potential with Canopy Growth. However, we recommend waiting for a temporary pullback to enter the market at around $8.11. This long-term trading idea offers an almost ludicrous risk-reward ratio of about 59:1. The price target seems very ambitious. Please note that this is a logarithmic representation. The seemingly absurd price target is put into perspective when considering that it's only the 38% retracement since the all-time high.
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