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...
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.
This speculation case for CGC continues. Could we see a bankruptcy followed by a penny stock? It is not out of the question but right now a slight bullish divergence has occurred on some technical indicators so it was worth taking a guess at some potential upside targets. It has held the $1.00 on this never-ending sell off but with some headlines and an earnings...
The Friday spike is curious. It has broken out of the balance area that the bottoming process was putting in for the last week or so, but there is going be huge resistance at about $1.18. The problem is from Elliott Wave perspective, there is no more room to go down. The low came in at $1.02 and invalidation is at $1.01. So, it is either a start of something...
A large correction may be ending. Will we have a reversal or a penny stock? Is Elliot Wave Theory useful here? Did we experience a bubble or a 100% correction? Is a bullish divergence appearing on MACD/RSI? What a strange speculation story here. Disclosure: I just went long here to what is basically a lottery ticket.
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WEED been having a rough go. Now looking very oversold. A high volume of daily red candles ending with a green candle for the trading week. Possible 15% + bounce at these levels.
Canopy Growth Corporation, together with its subsidiaries, engages in the production, distribution, and sale of cannabis and hemp-based products for recreational and medical purposes primarily in Canada, the United States, and Germany. It operates through two segments, Global Cannabis and Other Consumer Products. The company's products include dried cannabis...
Either CGC is completing a cycle degree wave 2 or going to 0. The recent price action looks like bottoming formation. We are getting weekly level RSI bullish divergence confirming the downtrend is slowing. We need to see divergence on intermediate degree 3 and 5 and also minor degree 1/3/5. If we see a bounce back to $2 and another quick lower low that doesn't...
CGC | Canopy Growth | 28% Down in One Month Canopy Growth is 28% Down in One Month The Canadian cannabis company Canopy Growth continues to slash jobs. In February they announced around 800 jobs cuts or more than 40% of its total workforce. This is the second restructuring that we have heard from them in the past year. It is possible that the price may rise...
At this point of time if last low $2.09 breaks then it might go down to buck and some change. As long as $1 is not breached, there is still a potential for CGC to see some higher prices. If $1 breaks then the path to 0 opens up. On the other hand, if price starts to climb here, then I would like to see a breach of $3.20 and that becoming support. Price should not...
Canopy Growth (CGC/WEED) currently in a bear flag pattern. Watch for confirmation/invalidation over the next few days.
It has broken and backtested the green resistance. It can rally only if it can break the red resistance at 5.5. If it breaks, the golden bottom band, more downside awaits.
Looking at the H4 chart, my overall bias for CGC is bullish due to the current price crossing above the Ichimoku cloud , indicating a bullish market. Looking for a pullback buy entry at 2.78, where the 23.6% Fibonacci line and overlap support is. Stop loss will be at 2.52, where the previous overlap support is. Take profit will be at 3.43, where the overlap...
Looking at the H4 chart, my overall bias for CGC is bullish due to the current price crossing above the Ichimoku cloud , indicating a bullish market. Looking for a pullback buy entry at 2.78, where the 23.6% Fibonacci line and overlap support is. Stop loss will be at 2.52, where the previous overlap support is. Take profit will be at 3.43, where the overlap...
Just like the Ball in Times Square every New Year's Eve, the Canopy Growth stock is currently dropping it low. We expect the course to dig deeper into the blue trading area between C$3.49 and C$0.70 until it finishes the grey wave II. After completion, we're expecting the course to rise further North in the longterm. In our alternative scenario, the Canopy Growth...
Low RSI Bullish divergence on the RSI Bullish harmonic Double Bottom On meaningful (Weekly) support Invalidated upon meaningful closure below the prior low. That's it. GLHF 🤝