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...
We had a pennant breakout on the daily to the upside which in hindsight makes sents with FOMO into legalization on Oct 12th and bullish major trend. I expect selling to take place at $63 area or basically the wedge resistance - wedge is from 2016.
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...
Dji starts at 9:15. Trading view forces the last viewed chart to take precedent for the category.
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...
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...
I wanted to re-sound the alarm on this, other people have said this stock is undervalued, and I am going to repeat their findings, this stock is grossly undervalued compared to its peers. Everyone has been going all in on Aurora Cannabis, Canopy Growth, Aphria etc. Now is the time to trim your positions in the bigger cannabis companies and rotate it into...
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...
The bulls defended the lower boundary of the ascending triangle (for now). We are closely watching whether the price will break up or down at the upper boundary of the triangle. Upside target would be around $75 (then short for sure) or if rejected the bear target remains at around $35-37.
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...
Although the bears were rejected at $45 and price has moved upwards again, the 1H chart seems to have formed a hidden bearish divergence. There's also potential for a crossover of the 200 and 50 EMA. I'm not convinced about the bull case just yet. A convincing break above $55 would change my mind.
WEED on the daily timeframe left a bearish dark cloud candle and a possible bear flag pattern. Increasing bear volume is a concern for the bulls. We are still within our larger daily pennant but that pattern will break bearish if we lose 57.60. The hidden bullish divergence on the daily chart will be less likely to play out with the loss of this level as well....
CGC on the daily timeframe left a bearish dark cloud candle and a possible bear flag pattern. Increasing bear volume is a concern for the bulls. We are still within our larger daily pennant but that pattern will break bearish if we lose 44.90. The hidden bullish divergence on the daily chart will be less likely to play out with the loss of this level as...
Just an update to my CGC idea from earlier this evening, all of which still applies. A friend of mine has pointed out that CGC is forming some hidden bullish divergence on the daily chart. Our RSI and MACD oscillators are hitting lower lows, while the price hits higher lows. We still need an hourly higher low, so if the chart can break the daily MA20 and the...