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"Canopy Growth Corporation Faces Critical Support Test"Canopy Growth Corporation: Navigating Market Challenges and Strategic Goals Canopy Growth Corporation, a prominent player in the cannabis industry, has been a focal point for investors seeking exposure to the rapidly expanding market for legal marijuana products. As one of the largest cannabis producers globally, Canopy Growth has garnered attention for its ambitious goals and strategic initiatives aimed at capitalizing on the burgeoning demand for cannabis-related products. Founded in 2013, Canopy Growth has quickly risen to prominence, establishing itself as a leader in the cannabis industry through a combination of strategic acquisitions, innovative product development, and global expansion efforts. The company's primary focus is on cultivating, producing, and distributing a diverse range of cannabis products, including dried flower, oils, edibles, and beverages. In recent years, Canopy Growth has achieved several notable milestones, reflecting its commitment to growth and innovation. These achievements include expanding its production capacity, securing distribution agreements with leading retailers, and launching new product lines to meet evolving consumer preferences. However, despite its successes, Canopy Growth has faced challenges in navigating the volatile cannabis market, particularly in the wake of a prolonged distribution bear market that has persisted for the past five years. The company's stock price has experienced significant fluctuations, reflecting the uncertainty surrounding regulatory environments, shifting consumer trends, and competitive pressures within the industry. Recently, Canopy Growth's stock price experienced a sharp retracement, testing critical support levels around $18 per share. With the stock now poised to retest its previous lows at $4 per share, investors are closely monitoring the situation for signs of a potential breakout or breakdown. The recent spike in volume accompanying the bounce from support suggests heightened volatility and the potential for significant price movements in the near term. Bears may attempt to crack support levels, with the possibility of a further downward spiral if volume flows through aggressively enough. In such a scenario, the stock could potentially retest long-term downward support levels around $2 per share. On the other hand, if Canopy Growth manages to break out of its current pennant pattern, investors may view this as an opportunity to enter a position targeting the top of long-term resistance levels. A successful breakout could pave the way for renewed upward momentum, offering potential upside for savvy traders. In conclusion, Canopy Growth Corporation continues to navigate challenges in the cannabis market while pursuing strategic goals aimed at driving long-term growth and profitability. As the company grapples with support levels and potential breakout opportunities, investors should remain vigilant and adaptable, prepared to capitalize on emerging trends and developments in this dynamic industry.
NASDAQ:CGC
by UnknownUnicorn2319099
3
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.
NASDAQ:CGCLong
by KalaGhazii
CGC Potential for Bullish Continuation | 31st January 2023Looking 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 resistance and 50% Fibonacci line is. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
NASDAQ:CGCLong
by Rockqet
Canopy Growth: Ball Drop 🪩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 stock course might exceed the C$5.55-mark already now, without pushing for further lows below the support line.
TSX:WEED
by MarketIntel
1
Canopy Growth Corp - General Cannabis RunHey looks like CGC, TLRY, ACB and the WEED etf's are starting their general cannabis run. Canopy has come down to it's lows and might be looking to takeoff here, rsi weekly is starting to inflect and macd is crossing over this could run for a long time several months possibly back to 50$ area. Lower time frames are overbought so might see some red to start the week next week. A buy price of 13.00$ would't be too bad. Also check out EDEN.CN on the Canadian Securities Exchange: Eden Empire is a new player in the cannabis space in Canada and the U.S, they are starting grow operations and have chain of dispensaries and are growing and expanding fast! Other's to check out are mentioned above CGC, TLRY, ACB and the WEED etf's. ca.finance.yahoo.com ca.finance.yahoo.com
NASDAQ:CGCLong
by UnknownUnicorn12070690
2
Short Idea: Greenlane Holdings Inc GNLCGreenlane Holdings Inc (GNLC) is a distributor of vaporization products and consumption accessories in the U.S. The stock got a huge pop on news of a merger with KushCo Holdings. However, Kaskela Law LLC announces that is investigating Greenlane Holdings to determine whether GNLC executive officers and directors violated the securities laws and/or breached their fiduciary duties in connection with the proposed transaction, as well as whether Greenlane shareholders are receiving all material information in connection with the proposed transaction. Greenlane also has a weak balance sheet, free cash flow negative and heavily financed. Target: $4.25; $2.00 Exposure: 1-2%
NASDAQ:GNLNShort
by TheMacroStrategist
Canopy WeedCanopy is retracing downward to find support. This is too textbook not to hypothesize about. I just had to do it, too many things are aligned. 1. We can see the market structure (and respect) in the demand zone. (i.e. arrows) Support & Resistance. 2. There is also alignment with 1.0 and 1.618 Fibonacci extensions. 3. This is all respected with a bullish and bearish trend line. I know a lot of people would buy the demand zone but I like to take the low-risk approach and buy the breakout instead, thereby I will also verify my hypothesis, though only after waiting to verify that the breakout level is respected. Thereafter I would probably hold, only to sell at 63-64 CAD (where there is a 1.618 Fibonacci extension of the greater trend) Happy trading.
TSX:WEEDLong
by Seriouz
Canopy Growth - Critical PointCritical Point for Canopy Growth. Resting right on the 50EMA and bottom trend line of the ascending channel. Failed to close above 200EMA and tested back down to bottom of the ascending channel. Ascending channel traditionally leads to lower prices but that's after the breaking of the lower trend line. Possible test of .618 fib level which also meets with the 200EMA. Possible short-term upside play with stop loss can be practical. A good bullish confirmation overall would be a daily candle close or two above the 200EMA, creating enough of a divergence between it and the 50EMA, also creating a new high in this micro trend.
C
by thiluxan_s
The Difference Between A Death Cross And A Golden Cross?What Does The Death Cross Tell You? The death cross occurs when a short-term moving average (typically 50-day SMA) crosses over a major long-term moving average (typically 200-day SMA) to the downside and is interpreted by analysts and traders as signaling a definitive bear turn in a market. The opposite of the death cross occurs with the appearance of the golden cross, when the short-term moving average of a stock or index moves above the long-term moving average. Many investors view this pattern as a bullish indicator. The golden cross pattern typically shows up after a prolonged downtrend has run out of momentum. As is true with the death cross, investors should confirm the trend reversal after several days or weeks of price movement in the new direction. Much of the process of investing by following patterns is self-fulfilling behavior, as trading volumes increase with the attention of more investors who are driven in part by an increase in financial news stories abut a particular stock or the movement of an index. Limitations Of Using The Death Cross All indicators are “lagging,” and no indicator can truly predict the future. Once & while a death cross can produce a false signal, and a trader placing a short at that time would be in some near-term trouble. Despite its apparent predictive power in forecasting prior large bear markets, death crosses also do regularly produce false signals. Therefore, a death cross should always be confirmed with other signals and indicators before putting on a trade.
TSX:WEED
by ScotianBot
CGC Support TestCanopy Growth Corp is down roughly -15% on the trading week as global fears over Covid19 have finally gripped markets after a month of essentially dismissing the potential negative economic impacts. CGC is currently trading within a parallel channel which began forming in late 2019, with an upper resistance level of $22.50 and a lower support level of $17.80. Yesterday saw traders close price just above the lower support level, or the bottom of the parallel range, which is an important level to watch in Fridays trading. A hold above the lower support line would indicate that bulls are still attempting to keep price in a consolidation range, while a close below the lower support level would indicate that bulls are losing the upper hand and becoming more fearful of Covid19's potential impact on economic activity across all sectors. Given the severity of the market decline this week with indices such as the DOW Jones having its worst 1-day decline in history yesterday, its fastest 10% decline ever, as well as its worst 6-day performance since 1928(just before the Great Depression), its likely that traders will be unwilling to buy the dip in equities and hold stocks over the weekend. Should traders fail to hold CGC above the lower range of the orange channel today, the next likely target is a retest of November 2019's low of $13.81 shown in blue. Both indicators below the chart are showing negative momentum and trend behind price with the PPO in a bearish crossover and now moving below the centerline, as well as the RSI in a decline and also below its centerline as well. Current view is bearish due to the overall fear gripping markets right now and CGC's position within the channel after yesterdays close.
CShort
by PrepForProfit
CGC Gap FillCanpoy Growth Corp's price filled the gap(blue dashed lines) that was created on February 13th -14th with a close today of $20.30, a gap fill that was anticipated after price failed to move higher last week and back into the rising trend channel(orange lines). Today's price move can mostly be attributed to the overall selloff in global equities last night into today over Covid19 fears, but likely would have traded lower and filled the gap even without the overall market decline. The key level to watch now that the gap has been filled is the last low made before price attempted to regain the uptrend channel, the low being $18.65 indicated by the yellow line. That yellow line stems from the low made on February 11th and was the last level of price demand before price moved higher, ultimately stalling out at the lower line of the uptrend channel which acted as resistance rather than the support level it had been previously during the uptrend. In technical analysis, previous levels of price support become price resistance once they are violated to the downside. A move below the yellow line would create a pattern of lower lows and lower highs in price after the failed attempt to regain the uptrend channel and could be viewed as a return to a negative price trend. For now price remains neutral and will remain so until/unless price moves below the yellow line, at which point a bearish case can be made for price. A move above last weeks highs would be bullish, but looks unlikely as long as global traders are being spooked by Covid19 and its potential short and intermediate-term affect on global supply chains.
C
by PrepForProfit
Ascending Triangle, is Canopy trading in a hidden pattern?There's also merit for a another Inverse H&S to play out here, after a few more trading days next week we may see the shoulder continue to develop or a retest of the bottom upward sloping line of the Ascending Triangle, which would also negate the inverse H&S narrative, but the bottom of the ascending triangle could still hold & result in a bullish outcome, keep in mind these patterns have a tendency to finish roughly 70% to 80% way through the pattern in either direction frequently. Key Takeaways An inverse head and shoulders is similar to the standard head and shoulders pattern, but inverted: with the head and shoulders top used to predict reversals in downtrends An inverse head and shoulders pattern, upon completion, signals a bull market Investors typically enter into a long position when the price rises above the resistance of the neckline. An ascending triangle is a chart pattern used in technical analysis. It is created by price moves that allow for a horizontal line to be drawn along the swing highs, and a rising trendline to be drawn along the swing lows. The two lines form a triangle. Traders often watch for breakouts from triangle patterns. The breakout can occur to the upside or downside. Ascending triangles are often called continuation patterns since the price will typically breakout in the same direction as the trend that was in place just prior to the triangle forming. Key Takeaways The trendlines of a triangle need to run along at least two swing highs and two swing lows. Ascending triangles are considered a continuation pattern, as the price will typically breakout of the triangle in the price direction prevailing before the triangle. Although, this won't always occur. A breakout in any direction is noteworthy.
TSX:WEED
by ScotianBot