#CGC -#CGC Canopy Growth Corp has created a bearish reversal pattern on the monthly chart that is similar to an Evening Star Reversal pattern. The current reversal pattern doesn’t fulfill the requirements to be a true Evening Star Reversal due to it not occurring at the top of an uptrend in price, but it could be a signal of downtrend continuation, especially...
Canopy Growth Corp is down roughly -15% on the trading week as global fears over Covid19 have finally gripped markets after a month of essentially dismissing the potential negative economic impacts. CGC is currently trading within a parallel channel which began forming in late 2019, with an upper resistance level of $22.50 and a lower support level of $17.80. ...
Canpoy Growth Corp's price filled the gap(blue dashed lines) that was created on February 13th -14th with a close today of $20.30, a gap fill that was anticipated after price failed to move higher last week and back into the rising trend channel(orange lines). Today's price move can mostly be attributed to the overall selloff in global equities last night into...
There's also merit for a another Inverse H&S to play out here, after a few more trading days next week we may see the shoulder continue to develop or a retest of the bottom upward sloping line of the Ascending Triangle, which would also negate the inverse H&S narrative, but the bottom of the ascending triangle could still hold & result in a bullish outcome, keep...
CGC created a gap in price last week when it made the jump back above $20 and has so far failed to move back above a previous support line(orange) which is now acting as resistance. Gaps tend to be filled in charts so the longer price fails to move back above the orange line, the greater the likelihood that the gap will be filled which means price will likely...
It's Now Abundantly Clear: Canopy Growth Is in a Different League From Aurora Cannabis. The two Canadian cannabis companies' latest quarterly results prove it. Canopy Growth (NYSE:CGC) and Aurora Cannabis (NYSE:ACB) lead the industry in production capacity. They both claim the highest market shares in the Canadian adult-use recreational marijuana market. The...
With earnings approaching next week & a new CEO that comes from STZ who also happens to be an accountant, I wouldn't be surprised if $WEED financials are becoming chaos in order. Only time will tell, but this could end up being a giant bull flag as well. The 200 Day MA isn't that far away either, but on the RSI is looks like a H&S is forming.
This is the "exact" same chart from the other day but on a 6 month line chart; which only shows the daily "closing price" as opposed to the 1 year time frame candle chart I posted on Feb 6th which shows more trades. Notice where the rejection point came into play on Canopy's parabolic price move on Friday? The downward sloping trendline of the descending...
Aurora Cannabis is one of the leaders in the new and emerging cannabis industry in Canada. They plan to stick around and I believe they will for a variety of reasons even though there is so much fear surrounding this industry at the moment. I'll elaborate further on this idea but for now let’s get to the TA. I’ve recently called LONG on this, but it has since...
CGC has fallen out of its uptrend channel(orange lines) and has returned to a previous consolidation range(blue lines). The trend for now has shifted back to neutral as long as price is within the blue lines; a break back above the blue channel would be bullish, a break below bearish. The PPO is indicating a negative short-term trend with the green PPO line...
CGC saw an open and close yesterday below the lower support line of a rising channel(orange lines). Using a measured move on a trendline break, price could potentially see a -25% decline which would roughly equal a -$5.50 loss taking price back down near $16. Keeping an eye on this one today as CGC tends to dictate prices for the entire cannabis sector.
CGC is testing the lower support line of a rising channel, and for now is slightly below it. A close today above the trendline would keep price leaning bullish whiule a close below would indicate a potential loss of upward momentum. Lower level to watch for support is near $18(yellow line); a close below that level going forward would be considered bearish.
NYSE:ACB looks very interesting since mid January bottom. Good odds that similiar pattern (inverted H&S) will be playing out, as it was the case before with NYSE:CGC , which is rallying nicely since its breakout in early December.
CGC is seeing a nice bounce today after a successful test and hold at the uptrend line. Assuming that coronavirus doesn't spark fear in traders again this week CGC should see a test of $26, potentially even a break above. Short-term trend remains bullish.
CGC is back to testing an uptrend support line after a recent channel breakout that had looked promising until pandemic fears shook the market today. Currently watching this uptrend line to see whether or not it is able continue propping up price. A bounce here would be bullish for CGC, a break below the uptrend line would put price back to neutral, or no trend...
Last time we were in overbought territory on the daily RSI was 10 months ago. This has been the largest downtrend in the stock's entire history. Currently trading under a death cross for quite a very long timenow. So why long now? Not only has it bounced off the major long-term support line (green), it seems to be forming an inverse head and shoulder at the...
Classic Inverted Head & Shoulders pattern is usually not just a bullish indicator but a sign for a trend reversal from bearish to bullish, and we just so happen to be coming off a recent low. Not only did we bottom but we bottomed right at the .786 Fibonacci retracement level which just also happens to be right at the major support line. Great to see it respected...
After what seems like a never ending cascade ACB and many other MJ sector names are entering major support zones for accumulation. This is where I am looking to enter positions for maximum Risk/Reward. Calculated entries are laddered at daily gap zones inside of this box with half of a position and another half is waiting to be deployed on a move up & out of this...