After losing both 200 and 500 MA (red and orange), this is clearly long-term bearish.
Even though pump continuation is possible, all potential upside is capped, most likely by 50 MA (pink), until formation of long-term structural bottom.
The absolute bottom is indicated.
The Cannabis market is obviously promising.
The Potential of growth of this market is enormous,
if cannabis becomes gradually just like any recreational activity and starts to compete with wine and spirits
for favorite way to be absent minded the potential of profit is gigantic .
Here we have a promising market, a company that is in loss for this quarter...
monthly volume profile with vpoc in pink shows how just looking at 30 day volume profile details, it would give good context and bias of price and how it reacts to these volume nodes.
42.72 is price to go over for weed to become a major buy under this price it's weak
Hard time for the POT stock these days. Looks like TSX:HEXO is in a sideway formation for now with a bearish 50D and 200D WMA. Potential next bottom at around 4$ if it goes below it's support... Note that TSX:WEED already reach this JUL18, AUG18 bottom with shitty Earnings... So... I'm not expecting much from HEXO.
Did Canopy create a double top, or is the stock going to create a Macro higher low & stick in a bottom tmrw or sometime right away next week?? If Canopy doesn't take control of the market tmrw with some big news to offset the market sentiment than don't look down, in my humble opinion which is only worth a grain of sea salt from...….
Time will tell per usual.
My overall outlook for Cannabis remains bearish since the market haven't given any reasons or indicator that it is going back up.
However, Bruce Linton himself, the former CEO of Canopy, recently purchased more stocks.
This could only mean that the confidence for this company is still running strong despite the recent changes to the company direction.
Oh well, were definitely expecting more energy from around here but now it seems to be that the support that has been holding the price on right course since December '17, is lost. This channel where the price bounced a tiny bit right now has also been tested few times earlier. Not looking that impressive here, for me at least. If this channel is lost, we may see...
Well, there was the bounce. Filled with hopium I was imagining couple of lines higher move from here. We'll see if there's energy for that as we get closer to this crucial trend line, elseway we could see much cheaper stocks to buy soon.