CGC Loses UptrendCGC has fallen out of its uptrend channel(orange lines) and has returned to a previous consolidation range(blue lines). The trend for now has shifted back to neutral as long as price is within the blue lines; a break back above the blue channel would be bullish, a break below bearish. The PPO is indicating a negative short-term trend with the green PPO line declining below its purple signal line. Worth noting is that the green PPO line is close to crossing below the centerline which would indicate a more substantial downtrend should the PPO continue to fall below the centerline. For now, the lower blue line near $17.50 is the level to watch for support, a move below that line would shift the trend to bearish.
Canopy
CGC Trendline FailCGC saw an open and close yesterday below the lower support line of a rising channel(orange lines). Using a measured move on a trendline break, price could potentially see a -25% decline which would roughly equal a -$5.50 loss taking price back down near $16. Keeping an eye on this one today as CGC tends to dictate prices for the entire cannabis sector.
CGC Testing Channel SupportCGC is testing the lower support line of a rising channel, and for now is slightly below it. A close today above the trendline would keep price leaning bullish whiule a close below would indicate a potential loss of upward momentum. Lower level to watch for support is near $18(yellow line); a close below that level going forward would be considered bearish.
CGC Holding Trendline SupportCGC is seeing a nice bounce today after a successful test and hold at the uptrend line. Assuming that coronavirus doesn't spark fear in traders again this week CGC should see a test of $26, potentially even a break above. Short-term trend remains bullish.
CGC Testing SupportCGC is back to testing an uptrend support line after a recent channel breakout that had looked promising until pandemic fears shook the market today. Currently watching this uptrend line to see whether or not it is able continue propping up price. A bounce here would be bullish for CGC, a break below the uptrend line would put price back to neutral, or no trend with risk of turning bearish again.
Canopy seems ready to make a run for it The retracement touched the 78.6% retracement level and now shows clear sign of recovery.
The bullmarket for cannabis could might be coming to an end (smoking potential).
Stoploss at lows gives a great risk/reward.
WATCH OUT FOR A BREAK ON MONDAY 12/23TICKER: $CGC
Will history repeat itself?
Just like last time, CGC is again a daily inside bar with resistance of $20.28 and support of $19.65. I do expect high volume on Monday, but the break is uncertain until it happens. Don't be bias and watch the charts because price action is KING.
I will be watching CGC closely next week and again, will either go long or short depending on how we break. Give me 15mil volume in whatever direction and I will be happy.
But looking longer term, this is a daily inside bar within a weekly inside bar. Depending on how we break on Monday, it would impact how we break on the weekly time frame.
No matter how we break on Monday, my next target will be the weekly resistance and support of $21.14 and $19.45.
Good luck next Monday, don't let your emotions get the best out of you, and remember PRICE ACTION IS KING.
Canopy Growth: inverse head and shoulders on the 4hrThis is a very apparent inverse head and shoulders on the 4hr time frame. The stock has been butchered in the last few months. Seems like since the new CEO announcement, the stock developed this inverse head and shoulder bottom. It's currently sitting right on the neckline. Watch for a breakout on the neckline.
Long term Long position with head and shoulder bottom pattern Welcome to Fxtrading services, we provide Forex mentorship to our costumers.
We are watching this stock very closely as potential long.
CGC 15 min chart and the AlphaBotSystem IndicatorsJust discovered these guys recently. They have built an impressive suite of indicators that cater to both equities and crypto traders. There is also a series of bots for trading crypto. The visual trend change blends in nicely with my charts and gives one confidence to take the trade after the trend change is indicated and then a technical setup presents itself.
Tilray vs the rest Pot stocks have had a rough few months, and shareholders of Tilray have been hit especially hard as shares have dropped 55% since early August. Much of that decline can be traced to disappointing earnings results. In mid-August, Tilray showed sales growth in Q2, as revenue jumped nearly 400%. However, management's aggressive spending produced net losses, and investors responded to the news by shedding shares.
Tuesday's earnings report will likely contain these same themes of high sales growth paired with soaring expenses. That means there's little reason to expect a dramatic shift in Tilray's stock-price trend - at least until investors get more concrete signs that point to the likelihood of sustainable earnings generation in this unproven industry.
The good news is that with shares battered so far in 2019, even a modest step toward profitability could spark a rally in the stock as early as this week.
$WEED continues its way down beautifullyCanopy Growth Corp tanks beautifully within its recently developed down channel.
Based on this rather arbitrary channel, the short term move might be stopped in the $24-$23 range.
Mid term this whole setup continues to look beautifully bearish.
We again saw lower highs and now for sure lower lows.
Next Midterm-Support could be around $21.
Canopy Growth Corp (WEED)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.
Not alot of support on the way down for Canopy Growth. Looks like trend has completely reversed after another harsh rejection at the $50 level. Could the tide be changing?
Canopy Growth // amazing Risk-Reward
There is a critical support range from $20-25
Risk-Reward-Ratio above > 5:1 .
Analyst note:
Shares now trade nearly 50% below our fair value estimate, as the lack of profitability continues to weigh
on the market price. However, we think focusing on profitability this early in the company’s and industry’s
evolution is misguided.
CANOPY, AHORA ES CUANDO SE DEBE DE FUMARNo tardo mucho, parece que llevaba prisa en llegar, y ahi esta, ahora es probable que vayamos a la alza. al menos para llenar ese gap. pero puede ser un excellente trade a largo plazo. los mercados estan dificiles, pero el precio, nosotros seguimos al precio,
linea de tendencia, aunque los indicadores todavia marcan bajada, estoy dentro con un 30% de una normal entrada, estrategia siguiendo solo chartismo con recompras.
CANOPY , ESPERANDO EL MEJOR MOMENTO. CERCA De sobra decir el crecimiento de la industria del cannabis en los ultimos años, y precisamente ahora esta a mi forma de ver cerca de una entrada de compra posible.
Puede que llegue a la linea de soporte, sin embargo es cuidar cuando cruce la linea cero en el macd, y por supuesto que se ponga en pendiente positiva en adx.
$WEED support lost, will the channel hold? #WEED #CGCOh 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 this stock around sub 40 CAD and then maybe even sub 30 CAD. Seems crazy with all this legalization just keep on spreading that the price would see stupidly cheap prices but maybe still lower from here a bit. Direction will chance soon - after the market has done what has to be done.
$WEED please, if not now, how much lower? #WEED #CGCWell, 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.
This is the crucial support, lots of resistance ahead $WEED $CGCSupport did what the support were suppose to. Many levels to break ahead. Things probably start to get interesting around 51-55 CAD where this bounce hopefully takes us.
