Looking like bulls will try to buy it up end-of-day, forming an "evening star" on the daily. This indicates indecision, as Canopy's float was traded over $30.00 before Friday's sell-off; however, based on my hypothesis here, I think that this may mimic the move on 2018-01-05, where after a similar candle was formed, CGC made new highs.
One of two things will happen tomorrow: 1) big green candle upward tomorrow, reaching for $35 2) retrace back to $25.00 area before the ticker makes another move at resistance
More information needed!
Still learning the chart game, so thank you for reading and advising :))
We are eyeing the break out here. Quarterly report and QC deal could work as a catalyst to push us up. Once we break the downtrend (which I believe is gonna happen soon) then we will see the first target at 35 as there is no resistance above 29.
recipedude
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2018-01-05 the overall trend was upward, right now it seems to be in a downward trend - just a thought
GreenKnight
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@recipedude, Great point. A big green candle today would've been great -- but they gapped it up on the open and now with selling pressure it seems that we might have a bearish star or if selling continues a "dark cloud cover" formed before more consolidation tomorrow...
Usually I am pleasantly happy when wrong :). Thanks for your comment!
Avatarhash
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@GreenKnight, I think we bottom out at 20 dollars, so I am looking for A, B, C correction pattern here. Target 35.21
BarbaraLynnBacon
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@Avatarhash, we broke 20 last week, isn't 15-16 more a target now?
Avatarhash
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@BarbaraLynnBacon, are you talking about canopy or APH? because we havent broke 20$ for canopy. If we break 29-30 next week, then the target is around 35. or maybe we consolidate between 26-29 before the jump up.
BarbaraLynnBacon
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@Avatarhash, misunderstanding, WEED dipped below $20 CAD during the day first week of Feb.