CGC saw a huge move on President Trump's tweet that he has accepted the resignation of Attorney General Jeff Sessions twitter.com This came after a clear hourly bear break singling some daily consolidation was coming, but this breaking news clearly sidetracked that plan and delayed consolidation for at least a little while. I am closely watching for the hourly...
What is the News Catalyst that is Causing Canopy Growth Corp Stock (CGC) to Move up the Charts So Rapidly? The catalytic news that could’ve catapulted Canopy Growth (NYSE: CGC) stock has finally come and has catapulted the stock to a whopping 7.68% gain today November 6, 2018 1:34pm, ET. As a result of this catalytic news CGC looks like it is heading toward...
CGC had a nice little move after breaking the daily inside bar today. I'm looking for some profit taking tomorrow as the hourly chart needs a new support above 36.67 S: 36.37 R: 41.06, 42.43
Decided to try something a little different today because I don't want to type up a bunch of analysis. I'm watching the range of Thursday to break to tell me if we're going to see bounce continuation of a healthy pullback to form a daily higher low, and then try to change the daily trend with a higher high. Key levels: S: 35.85 R: 38.28
The oversold bounce is starting to feel toppy with a bearish reversal candle on the daily and declining volume. The high of the day rejected from the 100MA and we're in an hourly equilibrium now to determine if we're going to see bounce continuation or set a higher low on the daily chart. Although we have some new levels from after hours, there was minimal...
Quick updates tonight. CGC saw a 10% bounce from the low of the day today and after the first 30 minutes, gave a whole lot of nothing. We spent the rest of the day inside an hourly equilibrium that we're waiting on the break of for either bounce continuation or on another leg down to potentially lower lows. The end of the day saw SPY with big bull move...
CGC today broke its 4hr equilibrium bearish, and shortly later confirmed the daily bear flag, dumping the rest of the day closing down almost 15% in one of the most stand-out bearish days this sector has seen. There is no doubt in my mind this weakness is in large part to the overall stock market dumping for the past four weeks, so be sure to keep an eye on the...
CGC will reverse its downward trend when the price gets to about $27 per share; this is when it will reverse back toward its mean of around $28 per share. The stock will remain here for a while until there is a positive news catalyst that will catapult the stock back up toward the $40 area where it will stay for a day before it begins its downward trend back...
Heading into next week I'm still watching CGC in a 4hr equilibrium. Our key support is a double bottom of 37.32 and 37.35. Canopy finished the day with some weakness looking down towards that level after setting a lower high of 40.37, our new key resistance to break. We can see the 12EMA on the 4hr driving the price down continually since the all time high on...
CGC broke down and now consolidating for further downside move. A good short setup on the 1hr chart .
Look at the volume rejecting $55 level. Think a pull back is imminent.
The post-legalization sell-off may or may not be over, and I'm watching CGC 4 hour chart for clues. We're in a 4hr equilibrium and the support to hold is 37.32 and resistance is 41.06. A break of 37.32 and we're looking down towards 36.62 low of the dump and then 30.20. A break of 41.06 resistance and we're looking to set a daily lower high, compared to the all...
ABC correction looks likely to $15 to $20 zone
Looking for a 5-10% bounce after this slaughterhouse action. I expect the market to keep RobinHood buyers underwater, toy with their emotions, hopefully make some wild chop to sell low and buy high in. I'll trade this chop - long @ ~40.5 looking for mid-high 43s to cash out.
I think ford starts at 9:15.
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...
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.