It has been a hard slog for investors recently in the Cannabis stocks, despite positive earnings they continue to sell off. Canopy is touted as the best of a bad bunch but unfortunately, if your lay with dogs your going to get Flees. From a charting perspective it is approaching decision time, which will surely lead to a a sizable move, we are of the opinion that...
today I´d like to show you another Pot stock: Canopy Growth Corp: (Ticker:CGC)
As you see, the stock is in a corrective move, that retraced a 0.7 Fibonacci if the possible wave ((i)).
On the bigger picture it is quite noteable, that the overall trend is up, labeling the count as an (A)-(B)-(C) pattern or an impulsive move. In the latter case, it...
Beeing smart money has never been so obvious as with weed. I was traveling in canada and north america a couple of years ago and I noticed that a lot of "normal people" had stuff to roll a joint at home and the first non medical shops for weed were opening. It was so obvious that it was the right moment to put some money there.
If we look at canopy is actually...
CGC credit spread 5x $120 premium, exp May 31
Looks like bearish divergence on RSI daily and weekly.
Trend is weakening as no new participants are really coming in after recent moves.
Journal entry and not advice.
Watching this tight daily range and anticipating a weekly eq, I'd personally like a bear break of this level with good followthru and an attempt to bottomfish our support just below $40. Daily EMA bear cross in addition to recent price action has me learning bearish on this pattern
- CGC finding the bottom of Wave 4 = I am expecting it to hit the high of Wave 1 but not penetrating too deep inside Wave 1.
- 1st Wave (4) target: 42.60
- 2nd Wave (4) target: 44.10
- Entry: 42.60-44.10
- Stop loss: below 42.60
- Target: 50
- R:R ratio: 6.48:1
Take a look at this bearish shark that formed. I think CGC will test 42.75 very soon as it completes the shark pattern. The question is whether it bounces from there and turns into a bullish 5-0, or keeps moving back down back towards the .886 and 40-ish levels again.
I personally think the deal to secure future distribution in the US gives the stock enough...
1. RSI Undersold GOOD
2. Stochastic Undersold GOOD
3. Volume Getting better getting Green and Rising
4. MACD Looks GOOD
5. Possible Long Break out its good.
6. 50 MA above 150 MA its good
7. Yesterday we had a Bullish Kicker Candle its Good.
Looks like going up to at least $52.48
Some months ago I spoke about a possible bubble on Canopy.
Actually we are near a break out situation.
50 dollars is acting since end of august as resistance. 3 attempt and no success. Price is since 5 months contracting in a range of less than 15 dollars and the trendline of the...
Currently the market is going green from red.
^ We notice it hit its uptrend support, which is the orange line.
^ Buy point is 45.80
^ Selling point is 48.65 "I will be selling half of my shares"
^ Hold the other half it breaks 48.65
^ MACD indicator is showing a possible bounce around the dotted support line.
^ RSI Showing its might be a possible...
CGC had a good spring I am shorting it until $40 as bearish divergence printed on RSI and SPY is potentially going to move slightly lower.
IT may weigh upon canopy. I am in the trade as of $45.39. I may have jumped the gun as I could have waiting for a false breakout at $47. However the movement today was a little bit weak. $47.10 will be my stop.
This is a...
Canopy growth had a great spring and it seems to be fading toward a new move as bearish divergence prints on the daily RSI while the weekly also looks to be turning bearish.
I want to short 100 shares heading toward 40 which was last support and adding more if it breaks past it.
Previous resistance will be my stop which was $47.
This is a journal entry and...
Looking to the left we can see, that the price has made a significant bullish rally lately. Now the price is making a bearish correction and is apparently stopping at the zone of previous support/resistance. As Canopy Growth Corporation is the biggest publicly traded cannabis company in the world and has very solid fundamentals we are expecting it to make another...