Will we see 80 by November?We had the pullbacks as expected. (a nice little short).
Now it appears we may have another small pullback forming or more likely, just a consolidation.
Then our final push to 80 bucks by Oct 17th./Nov 1st.
Then as we enter the November profit taking season I would think we would see a strong pull back to 60 zone.
Long term (Months)
A solid investment, buy on the dips.
This is purely opinion, and opinions are expensive if you marry them.
The market has an obvious bullish bias, and I don't expect that to change anytime soon.
I use trend channels as guide to help me take advantage of swings and price movements.
As always, never risk more than you can afford to lose.
I am not a professional trader, just an average guy looking for opportunities like the rest of you.
Trade ideas
The Runs Not over - Strong Rebound over the next weekSpooked by unconfirmed reports of a spookster that stated, The US would not allow Canadians who smoke, invest or do business with a Marijuana is a falsified claim. Stocks will rebound and rebound hard they will. Within 2 weeks time, we will be retesting 52 week highs leading into legalization. Strong bullish bounce coming in the morning.
WEED could see some consolidation before surging upwardsAs WEED is the primary driving force in the sector, its performance is important for everyone else in the cannabis space. Baring any huge news events, some consolidation is likely (but not certain) next week for most cannabis names.
My thoughts are outlined above. The cyan lines represent potential price trend and action heading into legalization, but this could change rapidly depending on news events. I wouldn't be surprised to see a ramp-up of announcements heading into the big day.
Use your own judgement before investing and always use a stop-loss.
Retracement Probable on Tuesday.AO is showing downward trend, RSI has little room to the upside, trend is bearish as is trade volume, short term indicators on daily, hourly and minute charts showing same patterns. 52 point indicators along with media announcements r/t MJ industry are showing over hyped evaluations. A break above 62.83$ is required for continued trend. Special news announcements will be needed for this to continue. Currently recommending a short sell.
WEED back within an old narrowing ascending channelWEED.TO finds itself back within an ascending channel, for the first time since losing it June 26th. Indicators on larger time frames are getting very extended as the price level tests the upper limit of the channel, and while the price is at all time highs and running on both hype and news, I do believe at least temporary consolidation is in the very near term future. That said, I expect this reentry to be rejected and for a new support level to be found.
Previous support now resistancePrevious support trendline from low of the February dump on WEED that formed the base of the ascending wedge in March 2018 became a new resistance at last all time high in June 2018. That trendline is being approached again on this current blue-sky breakout, and will be one I'll be watching as the days go on. This trendline looks even better on the weekly chart
TSX:WEED Bulltrap?Cormark Securities raised its target price for Canopy Growth ( TSX:WEED ) to 40 Canadian dollars from 33 Canadian dollars on August 16 while Cowen & Company raised its target price to 56 Canadian dollars from 48 Canadian dollars. Based on the last several months, I wouldn't be surprised to see a short climb before heading back down. Would consider a 40-42$ setup in the next few weeks before heading into October.
WEED Canopy GrowthI'm just starting to learn about trend lines and analysis, i was looking for some feedback on this, i think there is a strong support line, multiple hits on it and the bulls haven't broken through, the resistance line i was a bit unsure with as i believe the two big breakouts are fakes and could lead to misinformation about the direction of the market. Thanks for reading any and all feedback would be really appreciated!
Disclaimer: I'm new to this..
WEED RallyI am expecting WEED to break out above the line of Resistance at 44.00 break and retest of the all time highs is expected. The 50 day should be the support here and I would be comfortable buying around the 50. Rumor around town is canopy will be taken over by constellation brands. I think about of people will be buying the rumor and selling the news. my target price is $56 and change like always this stuff changes daily with this sector what I think today may not be what I think next week. happy trading
Troubling signs for WEED continueFake out Breakout has reversed and rising wedge pattern has failed as well. This should negatively impact the whole space until investors get some fresh new reason to get excited. legalization in Canada and other countries has shown slowed progress and buyers don't really seem to excited to pile in a these elevated prices.






















