Taking a different approach today, starting with the long term weekly chart and we're at risk of losing the weekly uptrend that's been intact since July 2017. We're looking at must-hold support of 44.90, the loss of which would break the uptrend. This level will be in play next week. If 44.90 breaks our next support is 10% lower at 40.68, and then there's...
The Canopy Growth Corporation (WEED) stock has been trading at the top of its price channel for many weeks now, will it continue to keep up the strength, or will we see some short term dips in price?
This is my forecast for the next few months.
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CGC has completed a classic 5 wave pattern, which is very visible as outlined. Not drawn is also a channel, which shows the current top at channel resistance. Also, we have major divergence on the weekly RSI as price has went up, but momentum down. The timing is impeccable as many everyday people have been piling into pot stocks as it is being legalized tomorrow...
CGC seems in the middle of a potential flat correction. If it completes the pattern without a strong breakdown i'm expecting one more impulsive wave to the upside.
CGC saw a big gap up and huge volatility in the opening minute with a range of more than $1, before an aggressive dump spanning 20 minutes and traders took profit, knocking the stock down 12% immediately. CGC bounced off the low of the day pennies above that key resistance we broke Monday for the equilibrium bullbreak - 51.21 former resistance now support, with...
Reentry levels to watch
Description
Canopy Growth Corporation, together with its subsidiaries, engages in growing, possession, and sale of medical cannabis in Canada. Its products include dried flowers, oils and concentrates, softgel capsules, and hemps. The company offers its products under the Tweed, Black Label, Spectrum Cannabis, DNA Genetics, Leafs By Snoop,...
WEED had a gap-up and run open this morning on massive volume, breaking our daily equilibrium bullish and finishing the day up 13%. WEED rejected from all time high today although the American ticker certainly smashed that level, but we still closed pennies off the high of the day. After hours trading saw CGC hit as high as 58.44. We're riding well above the...
CGC had a gap-up and run open this morning on massive volume, breaking our daily equilibrium bullish and finishing the day up 14%. CGC set a new all time high today, easily busting through the old level and closed at 56.89, just pennies below the high of the day. After hours trading saw Canopy hit as high as 58.44. We're riding well above the daily Upper...
In the past few ideas I've been pointing viewers to the intraday charts on WEED and I'm no longer doing that. The price action remains so choppy within this range I've become convinced there's no use for it for the pattern. We now have two green days in a row, but because Oct 11th had a much lower open, we still don't have two "real" green days in a row - where...
In the past few ideas I've been pointing viewers to the intraday charts on CGC and I'm no longer doing that. The price action remains so choppy within this range I've become convinced there's no use for it for the pattern. We now have two green days in a row, but because Oct 11th had a much lower open, we still don't have two "real" green days in a row - where...
WEED has an inside bar on the daily and the daily chart is a little clearer here than it is for CGC but I still prefer the 4hr chart for the big picture. Our key support is 60.55 and key resistance is 64.99.
I'm very impressed how well the entire mj sector is holding up in the face of market weakness. That said...
For anybody looking at any stock keep an eye...
CGC looks to have set its lower high in our 4ht equilibrium today at 48.34 but we haven't yet pulled back enough to make us confident. For me, the key resistance is still 49.88. Support in our pattern is 45.01.
I find the clearest picture here on the 4hr chart, as smaller timeframes are choppy and the daily chart is very unclear. I'm very impressed how well...
CGC's short term direction will be decided on the ongoing equilibrium on its 4hr chart. The key levels are 46.63 support to 50.99 resistance. Our lower high may be 49.88 if looking at the details of the 1hr chart.
Expect choppy action in this right range. 46.42 is the must hold level to maintain the daily uptrend the bulls just took back.
For anybody looking...
WEED wasn't trading yesterday so I'm looking to CGC for much of my information.
CGC today printed a daily inside bar and intraday we saw very choppy action. I definitely did not expect this after such a strong day Monday that broke daily resistance. Today's volume is in line with yesterday's volume , which is also unusual for an inside bar day. RSI is back...
CGC today printed a daily inside bar and intraday we saw very choppy action. I definitely did not expect this after such a strong day Monday that broke daily resistance. Today's volume is in line with yesterday's volume, which is also unusual for an inside bar day. RSI is back within the descending wedge pattern after rejecting from the attempted breakout...
Happy Thanksgiving! Just a quick update, only one ticker tonight.
CGC bulls regained the daily uptrend today with a bull break over 50.21. Ew now have a daily higher low and higher high shifting the momentum back to the bulls just one week out from legalization. The RSI is breaking out of it's descending wedge of resistance and following through on the hidden...
CGC saw another day of consolidation on very low volume, with the low of day holding the lower trendline of the pennant as support. It's clear to me we have another little daily equilibrium forming with the bulls looking to form a higher low relative to 44.90 to form a base of support and run up to break 50.21 and shift the daily trend back in favour of the...
