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...
Canopy Growth Company. Pretty clean bullish BAT forming on daily. It might be hard to see so zoomed out, but $CGC also broke out of an iH&S pattern with the largest amount of Daily volume in over a year! Looking at the Fib levels, $CGC retraced to a tad below the .786 level, but then it shot back above forming the Head of the iH&S. Some bullish divergence on...
Cannabis stocks have been gaining from the start of this week.
RSI has been trending upward, but OBV has not, creating a bearish divergence. /Bearish
We saw the same three candlesticks ending on November 21st, 2019, leading to a strong pullback. (Red circle drawn in chart). /Bearish
Since May 2019, cannabis stocks...
The retracement touched the 78.6% retracement level and now shows clear sign of recovery.
The bullmarket for cannabis could might be coming to an end (smoking potential).
Stoploss at lows gives a great risk/reward.
Will history repeat itself?
Just like last time, CGC is again a daily inside bar with resistance of $20.28 and support of $19.65. I do expect high volume on Monday, but the break is uncertain until it happens. Don't be bias and watch the charts because price action is KING.
I will be watching CGC closely next week and again, will either go long or...
Since my post several days ago linked to this chart, you'll notice $WEED is holding the neckline area of the inverse H&S, forming two additional patterns known as a bull flag & descending triangle.
Seeing how the sector has thrown under the bus for the better part of 1 year, I'm expecting to see the Bull Flag play out.. Simply to go against the bearish narrative...
Or was the recent move simply another lower high where i have the red arrow pointing down?
It appears as though Canopy may be ready to break the neckline of this inverse H&S.
The RSI may have double topped though, only time will tell.
After what seems like a never ending cascade ACB and many other MJ sector names are entering major support zones for accumulation. This is where I am looking to enter positions for maximum Risk/Reward. Calculated entries are laddered at daily gap zones inside of this box with half of a position and another half is waiting to be deployed on a move up & out of this...
Pot stocks have had a rough few months, and shareholders of Tilray have been hit especially hard as shares have dropped 55% since early August. Much of that decline can be traced to disappointing earnings results. In mid-August, Tilray showed sales growth in Q2, as revenue jumped nearly 400%. However, management's aggressive spending produced net losses, and...
Or did he?
I mean, technically Drake could have been invested in Canopy for many years now, he's a very business savvy guy, not just rapper / icon. So who really knows what his average cost is.
Anyway, on a 3 month & 6 month chart we can clearly see lower high after lower high, and this recent move may become just that, another lower high... The rsi is very...
looks like this stock is primed for a dead cat bounce on longer timeframes but short term rising wedge has appeared. This can still breakout but if there is a breakdown with some good volume id cut my losses and find a better entry point around 15-18$ region.