Critical Spot For CanopyCGC Uptrend support line is being tested as we speak. If it does not hold, there is a secondary trend line of a former resistance that may turn support right at 24 area. If looking to get in long for CGC, this is a good spot simply because you can cut losses quickly if support breaks and not lose your a**. I do like the longer term prospects of this company once R&D costs and expansion costs start to wane. For now, entry at this level with a stop loss at 23.98 gives about 10:1 risk/reward ratio in favor of reward. Cut loss at 23.98 is less than 6% off current price. I bought a few more shares here, but still saving my biggest buys for either a further fall or a turnaround bounce. Happy hunting and glta!
Expansioncostsmoney
$CGC still plenty of downside leftCGC As noted in linked idea, this stock has plenty of downside left, as I look for costs related to expansion to weigh pretty heavily on it this quarter. Technically has lost support and is ready to break out of bear flag consolidation it is currently in. Looking for around 27's support, bought Aug 23rd P30 yesterday at .47. Currently trading at 1.25 today, but not ready to cut and run yet. Happy hunting and GLTA!!
