Is the weed sector the next hype like cryptos?Correction not over yet but probably at ~20CAD and last up wave is waiting. Watch for divergence on daily basis of given indicators. Target 90CADLongby LarsterUpdated 0
3-3-5?Ive considered many times that the all time high of $44 may have been wave 3 , however there is also the possibility that we are now in wave C of a flat correction. I would like to quote from the Elliot Wave principle book " Since the first actionary wave, wave A, lacks sufficient downward force to unfold into a full five waves as it does in a zigzag, the B wave reaction, not surprisingly, seems to inherit this lack of countertrend pressure and terminates near the start of wave A" . As some other MJ stocks have done more zigzag patterns ,WEED did not. To me it seems to be fitting the shape of the flat correction as we see here. This is how i interpret the possible outcome nothing is set to scale.by edwinv89Updated 4
WEED - Double Top or New All Time Highs?We have seen some very bullish action in Cannabis stocks recently. With the Trump administration signaling less regulation and Canada legalizing it for recreational use, there seems to be nowhere to go but up. If WEED is able to crack strong resistance here and break above to new all time highs, I think this would be an excellent entry for a long term investment. Note that the WEED broke to the upside of a rising wedge, which is usually a bearish pattern, but in this case I think it only emphasizes how strong the bullish price action currently is.Longby ttrendingUpdated 5
WEED - Potential PullbackCanadian 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. Shortby GGHOSTERUpdated 4
Cup & HandleMassive Cup & Handle on the Daily With the afterhours move this evening a strong open tomorrow pushes us above the upper trendline. If it closes above that tomorrow it will confirm the breakout. With a push from a passed legalization and short squeeze this can make for a fast long trade. Breakout PT Short Term; ~$44 @ ATH Mid Term: ~$54 w/ measured move Longby Echofox113
Top trendline and $40 resistanceHitting the top line of apex wedge and $40 resistance level. Let's see if it breaks through. Chances are it should bounce down tomorrow.by dencorUpdated 111
$WEED breakout or fakeout? 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! Longby LIfestyleConnect111
Watching WEED/CGC Closely into today closeCanopy has sold off here with the expected increased vol after the new listing on the NY exchange. Expect a further push down as the bigger players wait for a a better price to ride into the summer. Will watch for a solid reversal confirmation before re-entering this stock.Longby WadeYendall118
Possible Pennant formationWatch for breakout of pennant with long term target of near 60Longby hondazzzUpdated 2
Looking like the end of the run.If you look at the hourly RSI this is where the last drop occured. Like APH this appears to be the top of a wave. Above average Bull volume to end the day looks like we will get another test of 33.50 however I dont think it breaks here. It should restest 32 and try again however If it doesnt hold this time it looks like it will move back to the 30's. Safe play is to sell around 30.50 and watch. You should be able to buy back again at this area for a bit of a bounce but I believe Its final destination should be around the $30.00 mark. However that should be a few days away. If we can bust 33.50 then It should make its way to 34.60 the buy in price where it should reject again. by dburke440
$Weed Triangle break out and Fib levelsTriangle break out and Fib levels, $33.60 is Fib level .382 , RSI not overbought on daily, so it could run another day here. 3rd senate reading June 7th. ACB bought Leaf for 3 billion. Look for higher low to form, then enter if you are not in yet.Longby hockeysniper112
WEED daily needs some volumeWEED daily chart looking like a bull flag right at downtrend resistance. Holding the daily mbb and hourly higher low today were great signs for the bulls. RSI favors bulls and MACD starting to poke through resistance. Game plan: break 30.70 with higher than average volume will put me in a starter position, with the rest being added on the break of 31.46. Position size will be appropriate to a stop loss under the daily higher lows - or a portion of profit taken on a first push up to give wiggle room to my position size and stop.by DZ35721
Bullish wedge pitchfork combo on Canopy GrowthCanopy'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?Longby brunskovic442
WEED hourly needs a higher lowWatching 3 areas as possible support for an hourly higher low for WEED, first is a back test of the daily downtrend line, approximately 29.38 - this would also have an oversold 5 min RSI. Second would be that we hold that 29.55 area, see an equilibrium form on the 15 min and have a solid break to play. Third would be a bottom fish off the low of yesterday at 29.76 which would be very oversold on the 15 min should we drop down there fast. If we lose 29.76, then patience would have me wait for previous resistances of 27.83 and 27.50 to act as support before 27 because of the lack of support established in that range. Bulls would love to continue to consolidate above the daily MBB and break the daily downtrend with a clear break of 31.46.by DZ3572114
At the mercy of the market but now we have a nice channelIf you look at my big blue arrows you will see the other channels this has gone through. These usually last 3-4 waves. I expect weed to move with the market when its up we should move towards 31 where we have now rejected twice. When its down it should move towards the low 27's. After the 3rd wave expect a big impulse in one direction or the other. This should fit in to the timeline with the June 7th vote. Ill be playing WEED a lot at this time. Also I have noticed the SPY will give you a good 10 mins heads up to get in or out of a trade. When I saw the SPY dump today I shorted this stock at 30.50. I was also able to get out of an APH trade at 10.05 before it tanked as well. Keep this in mind while trading. I expect a few more RED days as it appears the SPY has a date with the 200 day MA at 261by dburke441
Going to need some help to break 30. Markets closed strong. MJ sector closed strong. WEED stock shot up 10 cents in the last 5 minutes and closed on a full green candle. All of this is pointing to a strong open. Heavy resistance from the 200 Hour MA at 29.80 and 30.05 where the 50 day MA sits. With the markets looking like a strong open I expect us to test it early. The next big test is 30.55 followed by 31.50. After that its pretty clear to the 34.50 BMO deal which has sent us plummeting in the past. Weed looking to uplist on the NASDAQ sometime this quarter so I would say this looks like a good time to go long. Longby dburke441
Will WEED break the triangle?Since the last update WEED has been correcting within the triangle that I had defined, slowly making its way down and bouncing really hard off the upward trend line, taking it to the top of the triangle and closing on the 61.8% Fibonacci retrace. There is some resistance at this point as it will try to break its way out of the triangle for confirmation of a bullish signal if we can close somewhere around 30.50. We are not overbought on the 4H RSI and are now using the EMA20 as support and keep in mind that the EMA50 is about the cross over the EMA20 which is also a bullish signal, so hopefully we can close above the triangle and head towards new resistance at around 31 and then 32. Thanks for viewing my charts!by BTCanadian2