Canopy Growth Corp idea - smoke one up at the trendline
Canopy looks overbought, if it cannot turn resistance to support on this second attempt, expect it to fall back to the diagonal trendline support. This would be a great point of entry for the next move upwards.
Indicators:
RSI shows overbought, a move down to the diagonal trendline would be in line with previous support zones on the RSI.
Support/Resistance: meeting the horizontal resistance now, may need to re-test it again before breaking through.
Green box indicates buy zone. This is invalidated if Canopy breaks through horizontal resistance and turns it to support.
Indicators:
RSI shows overbought, a move down to the diagonal trendline would be in line with previous support zones on the RSI.
Support/Resistance: meeting the horizontal resistance now, may need to re-test it again before breaking through.
Green box indicates buy zone. This is invalidated if Canopy breaks through horizontal resistance and turns it to support.
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