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...
I'll readily admit today took me completely by surprise. I studied numerous charts last night and came to one conclusion - the sector would not have a bounce today because CGC's 4hr RSI was not low enough; it was only 32, when generally bounces happen from 27 or lower. CGC opened the day with multiple rejections from the high of premarket, then saw a bear break...
The bears got rejected at $45 and price went back up to $49. It will be interesting to see whether the bulls get rejected at around $50 or not and then decide whether to short. It's possible that we're now looking at a head and shoulders pattern (price would first go to $54-55 before going down) or that it's an increasing triangle (we might break out to the top...
CGC broke the daily equilibrium bearish today and closed down 6.5%. a small bounce at the end of the day cooled off RSI levels and we're no longer oversold on any timeframe. I was looking forward to an oversold bounce tomorrow but after hours trading further cooled off RSI and finished trading in a bear flag setup.
Two daily supports were broken today, after...
Goes completely against my rules, but with the way this sector is moving, and considering how much money people have made off IGC and NBEV, this thing has a high chance of following through tomorrow.
Also, this stock only has 7 million in the float. Also, a big seller cashed out!!!!!!!! I haven't had time to check warrants, but judging from the price last...
CGC has been rejected in the area $50-55 multiple times and has started to trend downwards. We can also see a decrease in volume and downward-trending RSI, which jointly indicate a bearish move. We bought some Oct 19 $45 Puts which should lead to 200-400% profit upon reaching of $34-36 in the next 1-2 weeks.
CGC opened significantly higher considering the big bearish momentum Friday afternoon into the weekend. Bulls made two attempts first thing this morning to break the high of Friday and fell short both times, resulting in profit taking and another close down at the low of the day. We have an inside bar on the daily to watch for clues. It's worth noting CGC has...
WEED started the day Friday with a gap down open just above our key daily level, providing a great bottom-fishing opportunity to play in our daily equilibrium. The entire move was given back in the afternoon when news came out of Canopy withdrawing their 'Chronic By Dre' trademark request after forgetting to get permission from the rapper to use his name. The...
CGC started the day Friday with a gap down open just above our key daily level, providing a great bottom-fishing opportunity to play in our daily equilibrium. The entire move was given back in the afternoon when news came out of Canopy withdrawing their 'Chronic By Dre' trademark request after forgetting to get permission from the rapper to use his name. The...
WEED small gap down open today, pulling back on a significant increase in bear volume is certainly a concern for the bulls. The weak afternoon bounces certainly have me looking for possible bear-flag confirmation and to further downside; bulls must hold $62.02 and break above $65.05 to negate that flag potential.
Key support for the bulls to maintain the daily...
CGC small gap down open today, pulling back on a significant increase in bear volume is certainly a concern for the bulls. The weak afternoon bounces certainly have me looking for possible bear-flag confirmation and to further downside; bulls must hold $48.90 and break above $50.00 psychological to negate that flag potential.
Key support for the bulls to...
CGC has been getting tighter and tighter in the two weeks since the oversold bounce Sept 14th. We're at a point on the hourly chart where we're likely to see a break, giving direction for the entire sector heading into next week. Daily candle is still bearish, indicating we could see further downside to start the morning. However if we hold the low of the day...
My short term outlook for Canopy Growth Corporation (TSX:WEED). I believe we are in the midst of a small correction. I see the price bottoming out around the vicinity of $50 before we see a return to the higher upside trend. Going to continue to monitor and purchase shares at the bottom if my analysis holds true.
Despite being extremely overvalued, chart technicals are mostly good. MACD and RSI have cooled down over the past week and it's poised for further growth. I expect CGC will see another day of gains tomorrow, and end the week green. As Tilray consolidates, and CRON continues to oscillate wildly, this will enjoy steady, but slower, upwards acceleration throughout...
The similarities I've highlighted here look better on WEED than on CGC because Jan 15th saw the TSX trade but not the US exchanges. That said I'm looking at similarities in the first oversold bounces following the last two all time highs at 35.88 in January and 36.55 in June. Subsequent those bounces we saw a tightening range playing out across more than a week...
Hello my dear MJ traders, and everyone else, who is now interested in the MJ sector! ;)
In this video, I show you the huge pump of TLRY from $20 to $300 since they got into an ETF, and we talk about the similiraties of the price action vs. Bitcoin. You will see, that right now, it might not be a good idea to shift from crypto to the MJ sector.
Obviously for the...
Watching the CGC range from low of Friday to high of today. Today's low bounced right off the golden pocket of the fib pull with swing low as the oversold bounce low, to the high of today. It will be interesting to see if that holds. I'll be remaining very patient as the next couple of days set a tightening range with new levels to play off of. The break of that...
