Nice short term bottom formationLooks like it could be a textbook retrace after the gut wrenching rally that took this from 0.30 to almost 2$.
Looking for a short term upswing back to the 1.00-1.40 range
11L trade ideas
Looking for an entry point for the next leg up.Recent few day trend is up, and currently heading down to a higher low support level.
Will get in when I feel it's found its support.
Do your own diligence though.
CGC (Fib+Fractal)Does gann box work? if stock behave naturally yes, it will see one of the circles
good company indeed.
Shorts bewareA lot of big money and buying volume behind this surge. The short float was very small meaning this was not due to a short squeeze but rather a reversal due to the stock being heavily undervalued. Trade with caution, personnally i am holding a good position and will be holding this until a potential recovery to 4-5 $ which would be a fair value given their current situation.
CANOPY MADNESS TARGET 1.65 Canopy Growth Corporation ("Canopy Growth" or the "Company") (TSX: WEED) (NASDAQ: CGC) today announced that it has ceased funding BioSteel Sports Nutrition Inc. ("BioSteel") and that BioSteel has commenced proceedings under the Companies' Creditors Arrangement Act (the "CCAA") in the Ontario Superior Court of Justice (Commercial List) ("CCAA Court") and will seek recognition of that proceeding under Chapter 15 of the United States Bankruptcy Code to give full force and effect to the orders made in the CCAA proceeding in the United States, including a stay of proceedings.
As part of its efforts to simplify its business and reduce cash burn, Canopy Growth previously announced that it was reviewing strategic options for the Company's BioSteel business unit, including a potential sale of the business unit. BioSteel's business was a significant drag on Canopy Growth's profitability and cash flow, representing approximately 60% of the Company's Q1 FY2024 Adjusted EBITDA loss. The decision by BioSteel to seek creditor protection means that Canopy Growth will limit the further funding obligations in respect of the BioSteel business unit, which is consistent with Canopy Growth's transformation to a simplified, asset-light operating model and focus on its core cannabis operations.
Canopy Growth's financial position is expected to be further strengthened through the immediate removal of the cash expenditures associated with funding the BioSteel business unit and the potential cash proceeds from the orderly sale of BioSteel's assets. Further, the Company anticipates the removal of the previously identified material weakness related to the BioSteel business segment upon disposition. In addition, with BioSteel's operating loss and cash burn eliminated, Canopy Growth reiterates its expectation to achieve positive Adjusted EBITDA across its remaining business units exiting FY2024.
Didn't see that coming.. | Was there any clues I left unnoticed?NASDAQ:CGC - REKKKT
This is not supposed to happen before factor X (luck?).
IMO I think I did with the analyzing solid job. Please, no matter how small thing it might be. Let me know in the comments to improve
I'll walk you through my thoughts:
The Canopy Growth Corporation hit it's bottom on Fri 07/14/23. It fired up those Dank fueled rockets to head outer space with +350% gains.
I started to see exhaustion after the first pullback. After this the chart doesn't show the same momentum and there's some divergence that will be reappearing theme the following days.
You start to see decline as one would expect after this kind of run. My interpretation is that according to price action, it's starting to form a descending channel pattern. When the double top formed I was convinced the following day would come down crashing.
This happened instead. Can I blame bad luck or was there other factors that needed to be addressed?
Just like in the game of poker you will run into situations where you lose to one outer on the river. Please leave a comment and let me know what is your point of view. Thanks! I salute you all🫡
CGC: Flying high! Will reality hit soon?CGC chart literally looked like a waterfall since it broke $1 support back in February. But, since Aug 29 after the US health department recommendation the stock along with all MJ tickers just shot up to the moon. But, here is my issue with the chart pattern: the move up from July 17 to July 30 is 3 waves. That makes me think this current price action is a corrective C wave of a higher degree wave 4. This idea would be invalidated if price goes above $2.16; the bottom of wave 1 of C of this downtrend. I am still thinking a lot of traders will get caught on this fomo while price will make a final wave 5 low. Need to keep an eye on RSI on daily and weekly to get a bullish divergence; lower low in price and higher low in RSI.
Right now I am short since $1.5 with stop loss on the latest high $1.92. If things go right, target would be $0.18. If I am wrong about this and this pump is real investment, then I will get stopped out and wait for wave 5 to complete followed by a 3 waves down. At that point might consider tying up some capital for a long wave 3 move with some insane potential. Might outshine crypto gains in the next 10 years....for now, one step at a time...
CGC
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TLRY
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Beast ripper... CANOPY GROWTH3.618 in log scale, not every day that we see these.
If retracement levels of wave 4 are respected and we form another impulsive wave (5)...
Retrace should be bought to long this one because we might be seeing a potential reversal on a macro scale.
CGC - Blink And You Missed ItPerhaps the most dangerous market other than crypto has seen some roaring moves with the leader CGC up an enormous 82% today.
The herd will be FOMOing and will likely get trapped but we're going to wait and see if a tidy pull back at a significant liquidity landmark will come to us.
RSI up to 90 and hitting the 200 day MA it is unlikely this trend will have much left from here before a pull back.
We're already long TLRY but suddenly it would appear that CGC could be No.1.
There could be enormous moves in the pipeline...
Not advice.
Cannabis Stocks - CGCCannabis stocks are smoking hot right now with CGC clocking up almost +400% in a matter of days ... This comes after a long protracted "downer" from all-time highs in the 50's
Price has now hit up against the down sloping 200dma, perhaps some consolidation before breaking through to new highs?
$2.13 is next major resistance which if broken could see the stock run back to next target of $3.22.
Long CGCTrade open with a stop loss to the downside in case it does not pan out. Not wanting to hold while this goes sideways. Even given its past track record, it is very undervalued and primed for a short squeeze that would boost it to $1.00+
CGC bounce back? Its either a dead cat or a legit bounce back. Technically the sl would be the low of the week for me.
CGC, price and volume action with an Alpha candleToday CGC is making a come back. Long, stop loss 0.44
Cannabis Comeback?Cannabis stocks are rallying on news that the HHS has recommended the DEA reschedule cannabis to schedule 3. This would significantly improve financials for cannabis companies because it will allow them to begin deducting business expenses from their taxes, which has been a major hurdle for cannabis companies to reach profitability. It would also encourage more lenders to enter the market, lowering interest rates for cannabis companies which have been subjected to some of the highest interest rates in the country.
On top of the news, we have nice bullish momentum divergences and price action which is indicative of a potential bottom forming. Assuming the move towards rescheduling, banking, and eventually full federal legalization continues, it is possible that these are extremely discounted prices for most cannabis stocks long-term.
In the following months, we could see a major retracement of the cannabis bear market and in the longer-term some of these stocks could return to their all-time highs, as cannabis is likely to become a much bigger industry when it is fully federally and eventually globally legalized, and these companies will see significantly improved margins with lower taxes, lower interest rates, and the opening of interstate and international trade.
breakout I have been waiting forBreakthrough confirmation on insane volume. Looking to pump well beyond the 1$ region. Despite cray money mismanagement, CGC is definitely undervalued currently and in the short term there could be some strong volatility upwards.
Canopy Growth: C'mon, Do Something 👉The price of Canopy Growth is currently relatively flat. However, we believe a significant setback is needed to complete the white wave II in the turquoise target zone between CAD 0.430 and CAD 0.265, as expected. Only then should a significant move higher occur in the form of the turquoise wave 1, which should extend to around CAD 1.20. Alternatively, we see a 47% probability that the price is already in this wave. This scenario would occur if the price breaks the resistance at $0.8000 without reaching our target zone
Tick tockRelentless selling for months. Price has now started levelling off and forming a bottom. RSI off the floor and hovering nicely. Room to run from here. Lots of shorts for rocket fuel. BBs narrowing so a good squeeze is due.
(CGC) - Daily Bull AB=CDPrice has collapse in a unusually orderly manner; staying within a six month long channel. A Bull AB=CD has printed. A more conservative stop can be used. I chose a 5:1 to compensate for the risk of this pig going under. If speculators lose their minds over this sector again, a move to target 1 may occur.
DYDD
finally CGC/WEED is a buyFrom a Technical standpoint, there looks to be a significant traceback now. Large volume signaling short covering and a renewed interest in this stock now that it has reached somewhat fair value.
Of course, be weary trading this stock as it is possible it is also worth nothing. But considering STZ still has its sizeable share, i see this stock bouncing up a bit before it possibly fizzles out for good.
CGC: Game Over!!CGC broke through the wave 2 invalidation level of $1.01 to an all-time low. This can become a waterfall to another 50% decline very soon. However, RSI is showing positive divergence in all higher timeframes. At this point the previous cycle is over and a new cycle is about to start or it's going to 0. I'll check back in a year or so, to see if the company is still alive. I took a small position at $1.01. I will get rid of it on the next spike up.
Smoke Time? (GCG)The 15 minute chart may have printed an impulsive move upward.
The new invalidation would be about $1.05 from this recent correction. With a close of $1.07 we could get some clarity soon if this reversal plays out.
The bull case needs to see a $1.37 touch while the bears will expect to push back to $1.00 and below.
