It appears as though Canopy may have pulled a fake out to the downside on an ascending triangle I have outlined in dark blue. In my previous post I mentioned how the RSI has seen bullish support when approaching the green arrows pointing side ways to the right, where I had a question mark in my previous post is now a green arrow coinciding with the others....
Canopy had a massive 40x run from 2015 to 2018, and has since been in a prolonged correction. Starting to look like a bottom is forming around the $10-15 range. I began averaging in and plan on building a core position over the next 6-12 month. Looking for a 10x move to $150 area on this upcoming cycle.
Critical Point for Canopy Growth. Resting right on the 50EMA and bottom trend line of the ascending channel. Failed to close above 200EMA and tested back down to bottom of the ascending channel. Ascending channel traditionally leads to lower prices but that's after the breaking of the lower trend line. Possible test of .618 fib level which also meets with the...
A quick comparison of major cannabis shares shows a switch from under to out-performance in vs. the S&P 500 and the TSX
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...
Canopy Growth will announce earnings on Friday this week. The market has priced in a good earnings call....but has it priced in a GREAT one......? We shall see..........
Potentially a Ascending Triangle as well, but we haven't seen a retest of the blue upward sloping support, instead Canopy has created a series of higher lows forming an inverted head & shoulders, next week will confirm the trend. An inverse head and shoulders, also called a "head and shoulders bottom", is similar to the standard head and shoulders pattern, but...
Hello! Friends, -This would be a great Buy Opportunity, IF NYSE:CGC breaks up the Resistance at $16.00 !! - NYSE:CGC is following PITCHFORK levels well. You can even trade only with its support and resistance.
🌿 Alternative Harvest is on its way up after an extremely bearish last half of 2019 for pot stocks, but is it up in smoke or down in ashes for MJ? Right now we have MJ rallying off the bottom as darlings of cannabis like Aurora and Tilray push higher. This move in some pot stocks has pushed others up. Some of this is fundamental, with some better than expected...
Canopy Growth Corp(CGC) closed at $17.53 gaining $1.94(+12.44%) on the trading session today. Price closed above the 38.2% Fibonacci retracement level which had been acting as resistance for the past month and is bullish move considering how long it was pegged below the 38.2% level. While this is a bullish move, we need to see price close above the 50% Fibonacci...
As title suggests, CGC is exiting its long term descending channel after completing a elliotwave FLAT abc correction. Bottom @ 1.272 Fib trend extension.
What Does The Death Cross Tell You? The death cross occurs when a short-term moving average (typically 50-day SMA) crosses over a major long-term moving average (typically 200-day SMA) to the downside and is interpreted by analysts and traders as signaling a definitive bear turn in a market. The opposite of the death cross occurs with the appearance of the...
Or possibly a descending triangle, but the 200 day MA has held since roughly March 18th 2020, building a nice stair-case like pattern.
RSI Divergence on 4 hr and daily time frame should come with one more lower low. To me, this may be a great entry for a long to about 18-19 dollar area. Good Luck!
double bottom and positive divergence for $CGC. Watch for break out of $25.64
Following this count from November twitter.com
Bounce from $9.35, should be a nice trade if it works Good Luck!