Fake out Breakout has reversed and rising wedge pattern has failed as well. This should negatively impact the whole space until investors get some fresh new reason to get excited. legalization in Canada and other countries has shown slowed progress and buyers don't really seem to excited to pile in a these elevated prices.
If we don't bounce off the 100dma then there could be a lot further to fall. Considering the big picture there is still a lot of growth in the Cannabis industry and with Canopy leading the pack I'd be surprised if we break through support here so I'm remaining optimistic for the time being.
Keeping it simple.
I personally am a bounce chaser, but occasionally like to post these long term goal charts.
I drew a long term 2 year wedge, that leads right into 2021. This is a long time to draw a wedge for waiting for it to play out, as there will be many factors contributing to the ups and downs of this one.
We have some sell signals on the weekly, which...
Canadian weed stocks have been on fire in 2017 and WEED is still "smokin" in2018. Since The Motley Fool mention a $50 price target, speculators have been pushing right towards it. Potential to hit it and fall in very good IMHO.
This is a classic Bull Flag breakout, although not on high volume. While I hold a position in this major Cannabis stock, I'm actually looking for more bang from stocks like $BUDD, $EAT, etc. Looking for a fall to the trendline and bounce to confirm this is real. Don't chase here!
Canopy's chart shows a symmetrical wedge that I expect will have a bullish breakout right into the pitchfork. Before that happens it might face some resistance a couple of times and eventually find support either in the pitchfork or wedge line. Price target 39?
WEED is looking pretty gooid, setting up for a descending triangle formation ready for a breakout really soon.
Wait for confirmation of a breakout for entry, somewhere bewtween Fib .236 and 0.
Set stop-loss a little bit below entry.
I'm expecting more resistance around the 0.618 (32.03) and 32.53.
Take profits below each resistance.
As we successfully came back into the triangle, but got rejected below the downward trend line, respecting the 50 day moving average as resistance. It has now re-traced back to the 61.8% Fibonacci line, where it sits with indecision as I write this. There is some light support that is now holding us, but it won't take much volume in the wrong direction to see a...