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Canopy Growth Corporation

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11L trade ideas

CGC: Looking for an entryCGC has seen a potential 5 waves move up and a 3 waves move down. RSI on the daily has bounced up from support region. Friday candle looks like a reversal. This chart looks like a good entry opportunity for a potential wave 3 or a wave C move to the upside. A tighter stop loss would be below Friday's low. Or a more flexible one would be below last wave 2 low. Breaking 2.34 level would mean a much deeper drop and the upside count will come into question. In the current depressed market, it's difficult to go long on anything, let alone pot stocks. But the setup looks rather enticing at the moment. If things work out, take profit markers are at 1, 1.236 and 1.618 fib extensions. As fib levels hit, I will be taking off 30% at each level and move stop loss up. That's my plan, not a financial advice.
NASDAQ:CGCLong
by mukit1
CGC: Unfinished BusinessWith a SPX & NDX forming daily hammer/dragonfly doji at their golden pocket ratios, it's time to go dumpster diving into poopy pot stocks. I believe CGC has just finished a running flat correction with hidden bullish divergence on the 1 HR. Looking for a final Wave 5 up to $5 (Fibs) to complete the impulse move. Breaking under $3.17 invalidates wave count. That was a very strong bullish monthly close on CGC. Bullish continuation off the monthly hammer as well as passing by the 1 trend based time fib. Could see some fireworks in cannabis stocks as SPX drifts around. Weekly Bullish Divergence on RSI on CGC playing out as well.
NASDAQ:CGCLong
by CrashWhen
1
Dumpster Diving into Speculative Weed Winners: Canopy GrowthBig level of interest for Canopy Growth NASDAQ:CGC trying to fill the July 25, 2016 gap from 2.15 to 2.20 —post-bull pennant. Pot stocks have taken a beating since the 2021 highs (pun intended). They're clearly oversold BUT they're sitting without a catalyst from the Biden administration toward marijuana legalization efforts. If you're into dumpster diving, Canopy Growth could be a good dumpster to choose. They have exposure in the United States and don't forget, Constellation Brands $STZ has a large stake in the company. 🧐 For a trading strategy, look for momentum into the end of the week after the gap is filled . Otherwise, buckle up and settle in, as it is likely to continue breaking down out of the falling wedge into Tuesday, August 9, 2022 earnings.
NASDAQ:CGC
by zwburger
1
CGC: Catching Falling Knives is a Dangerous Game!CGC is an unprofitable company with declining revenue and a high cash burn rate. Sounds... AMAZING! Here are a few reasons why I believe a PUMP in CGC is coming: 1) CGC completed an ABC correction by forming a new yearly low almost tagging the 0.618 trend based fib right on the 1 trend based time fib. Nice "coincidence"! 2) CGC currently trading around the highest volume node in CGC’s history at $2.65. 3) Weekly Bullish Divergence on RSI and MACD. Turning on Heikin-Ashi candles, Weekly RSI is still deeply oversold. 4) On the week of July 18th, 2022, CGC had its second largest volume recording ever at 107 million shares. The only time CGC had a higher volume recording was on the week of October 15th, 2018 at 112 million shares. Funnily enough, that week marked the ATH of CGC. Hopefully the opposite will hold true :D. 5) CGC sentiment is extremely bearish probably from retail capitulation and a barrage of analyst downgrades in 2022. CGC certainly isn’t reversing trend on its own. The whole entire MJ sector needs a catalyst. Price passing through the 1 trend based time fib is a potential hint that catalyst may be coming soon. Regardless of TA, if investors REALLY believe in CGC long term, this is a perfect time to add in heavy imo. There's nothing wrong with buying shares at the price which the most shares exchanged hands: $2.65.
NASDAQ:CGCLong
by CrashWhen
9
Cannabis / MJ Stocks Reversal NotedToday a bunch of cannabis stocks showed up on my screener with some good price action and high relative volume. I set up a composite chart using some of the more heavily traded stocks but no OTCs as well as a couple of the ETFs and the REIT IIPR which manages and leases indoor cultivation farms. While I found the composite price had been drifting downward over preceding months, it bottomed on August 1 and has rose 30% since then. Fundamentally this is a growth industry with or without an impending recession. The volume indicator shows rapidly rising volume in the past two weeks, a good support for price action I conclude the cannabis stocks may be candidates for swing trades presently and into upcoming weeks.
NASDAQ:CGCLong
by AwesomeAvani
CGC - Time To Wake The Stoners Up 🥱WEED is suddenly coming to life so I'll be covering some names here. CGC was the strongest today up 17%. Taking a 2 point reverse fibonacci projection - CGC has crashed to tag the outer extremity of a Shakeout Reversal Zone at 1.786. And this 17% bounce appears to be a buy-to-close AR Automatic Rally following a heavy SC Selling Climax. Due to this I would say it is more likely or not that there will be a ST Secondary Test to probe lower and probably at least re-test the SRZ. IV very high for CGC so this one will be good for selling LEAP puts or simply buying the stock. Not advice.
NASDAQ:CGCLong
by dRends35
23
CGC - the skunk weed is back to the budding stageMost canadain MJ's are showing bull divergences on the weekly charts again. News coming? NYC finally opens pot shops? - damn are they slow to the pot market..... CGC is testing it's ultra lows where it meandered for a few years. Doesn't mean it can't go lower, it certainly can. Between here and 2 dollars I think could be an excellent accumulation area. Be careful though, this company can become a discarded roach and go out of business aka - 0
NASDAQ:CGCLong
by the_sunship
2
The infamous Trend Reversal Trade The Trend Reversal Trade, can it work? I have been trading the market for 10 years & the statistics in NOT in your favour, this type of trade has a low probability & trading is a game of stacking the probabilities in your favour. this is to be distinguished from investing; which is a whole different game. Back to the infamous Trend Reversal Trade. This is the trade where most average home managed investors loose their money. Lets put this into practice. Imagine following: A good name stock price is over selling or maybe crashing with over balanced selling right into a demand zone. like WEED in this example on a (W) chart. The investor buys a LNG position & thinking he purchased a Good company stock for a good price, isnt that what balance & income sheet based fundamental trading teaches. Now, all one have to do is wait for the trend to reverse price goes up & big profit. expect that a big pay off does not come, hope is mislead by a bounce in price due to the demand zone. before the prevailing trend continues its down fall beyond your ENTR price, the emotions kicks in & you are in the red profit zone.wtf.. I hope you had a stop loss in place. If you are following me those far, those trades are dangerous..learn from my many mistakes..Fuc*king Hope What was my mistake? expecting a DZ to reverse the dominant trend & while this does frequently happen, and it is how market is created. but the futility is in the assumption that you can gauge the top or the bottom before the trend changes. I learned to wait for the trend to change without me then i ride the new trend. much like surfing a wave. ride the wave & trade the trend.
TSX:WEEDLong
by greatful-me
2
Descending Triangle for WEED?wow, hard to believe canopy is getting near my entry point in 2016-2017. This stock has been a rollercoaster since rec legalization in Canada. A Potential trading range is highlighted in green. Any price movement that is sustained below or above the green lines is noteworthy. If WEED doesn't hold the green line of support a gap down to CAD $2.80 is highly probable. If WEED breaks to the upside out of the downward sloping resistance of the broadening wedge go long, set your stop loss above the resistance line, and trade accordingly. If the top of the broadening wedge doesn't hold as support a decline back down to the baseline support is likely and it was a fake-out.
TSX:WEED
by ScotianBot