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$CGC potential buy opportunity coming upTicker: $CGC CGC had a huge bear day, closing near the LOD on Friday. It was very correlated to $SPY on Friday and I won't be surprised that it will continue to be that way if the market dumps. Hourly time frame is in the oversold area, but I will be patient to enter if the market is dumping. I will look for a potential entry this coming Monday if we dump hard. Anything over 19.02 is a daily HL and in the long term, the bulls still have complete control. Watch the volume this upcoming week as it will be a key indicator. Daily bull flag is negated due to Friday's bear action, but I will look for a equilibrium pattern with a HL above 19.02.
C
by DerekTradeEZ
$CGC Bullish BAT; iH&S, largest volume D in over a year. RSI divCanopy Growth Company. Pretty clean bullish BAT forming on daily. It might be hard to see so zoomed out, but $CGC also broke out of an iH&S pattern with the largest amount of Daily volume in over a year! Looking at the Fib levels, $CGC retraced to a tad below the .786 level, but then it shot back above forming the Head of the iH&S. Some bullish divergence on RSI--which is now converging with price action. Entry in green box: $21.00-$23.00.
CLong
by AnEtherist
MJ volume not high enough...Cannabis stocks have been gaining from the start of this week. Technical analysis RSI has been trending upward, but OBV has not, creating a bearish divergence. /Bearish We saw the same three candlesticks ending on November 21st, 2019, leading to a strong pullback. (Red circle drawn in chart). /Bearish Fundamental analysis Since May 2019, cannabis stocks have been shorted creating a downturn for the whole sector. Many of the biggest companies are undervalued. But stocks can stay undervalued longer than we can accept our losses. ----- Keeping on a close watchlist.
AMEX:MJ
by dorfmanmaster
Inverse Head and Shoulders| Key Resistance| Trend Change Hello Traders! Today’s chart update will be on APHA which is forming an inverse head and shoulders, close to breaking its neckline. Points to consider, - Trend change attempt - Structural Resistance/ Neckline being tested - EMA’s acting as support - Stochastics in upper regions - RSI at resistance - Volume increase APHA is attempting to change its trend by testing a critical technical level that has rejected it multiple times; a break will establish a higher high. Structural resistance, in confluence with neckline is being tested; a break of this level will confirm the inverse head and shoulders pattern, a bullish reversal pattern. EMA’s acting as support, bull cross has come to fruition, must hold true when key neckline, resistance breaks for APHA. Stochastics in upper regions can stay trading here for an extended period of time, however lots of stored momentum to the downside. RSI is at its resistance, key level being tested, must break for bullish bias. Volume clearly increased, healthy volume that must sustain when trend change comes to fruition for follow through. Overall, in my opinion, a break of the inverse head and shoulders neckline will confirm a trend change, a higher high will be establish, initiating a new trend. What are your thoughts? Please leave a like and comment, And remember, “Confidence is not "I will profit on this trade." Confidence is "I will be fine if I don't profit from this trade.” ― Yvan Byeajee,
ALong
by AzizKhanZamani
GWPH is a clear buyWow, great trend, much support. Hey, I've said it before I'll say it again, I'm no technical analysis guru. I think most of it is hooplah. Have you ever heard of the guys on Wall Street who threw darts at random stocks on a wall and those picks ended up performing better than most professional hedge fund managers? Yeahhh, exactly. I personally don't believe in most of these unicorn indicators. Goku flying on a Ichimoku cloud over here, fucking RSI up your ass over there. I don't look at any of it. (bUt YoU hAVe tHe RsI uP rIGhT nOw) shhhhhhh it's for giggles. Now let me tell you what I do do (heh heh). I follow a rule I've established with myself before I go in and buy/sell a stock. I only commit to that action of exchanging the stock for cash or vice versa unless my conditions are met. Want to know what those conditions are? PSSHHHH. I'm not telling. Not that you care anyway. I'm not like, the best trader in the world. But I heavily believe part of trading is understanding the psychology of the market and beating the other guy - except for whale behavior but you can argue there's a psychological aspect to that as well (detecting that shit is hard tho) - so telling you my strategy is a joke and that's why I rarely believe in anyone who tells me there's. Anyyyyywho. What I will reveal is my bullishness on GW Pharmaceuticals. I'll even reveal what prices I bought in at - an average cost of $103.13 and I will be buying more good sir. I took a look at this companies balance sheet compared to last year and I swear I got half a chub. For one, GWPH's product Epidolex has competitor advantage being the only FDA approved cannabidiol product to treat two forms of epilepsy in children. Over 18,000 children suffer from LGS and Dravet Syndrome in America (the forms of epilepsy the prescription treats). As of now 7,600 patients have received Epidolex for treatment resulting in $31 million in sales for this product. Future sales can potentially double just for America alone. The company is gearing up in the EU market as well. Not to mention they are testing the same prescription in treating a disease that affects 1-2 million people worldwide. This baby is going to the moon given FDA approval for the treatment. But of course that's an "if". Considering the hard facts I like that the companies' assets are outpacing its liabilities and looking at last years' balance sheet compared to this years' this stock was either grossly over valued last year and slightly under valued this year or damn near bubble euphoria territory last year and fairly priced this year. There could be a third scenario that this stock price is still overvalued but man does this companies growth story look attractive. I'm buying!! P.S - I am a random dude who doesn't know shit about shit. I'm just reading books, reading balance sheets, watching YouTube videos trying to figure out how to value businesses. I got involved in the stock market 3 years ago and I'm just straight up passionate about it dawg. Think it was my real calling truth be told. I'm documenting for future purposes. Follow my trades if you want, just don't cry if you randomly read this and got convinced to buy something because of a stranger. I learned the hard way to never do that again. I only read other peoples recommendations of stocks to get an understanding of how other peeps are valuating companies. I don't even read that trade junk anymore, I've already got my set of rules. And I also only execute very few trades because as we know most traders do not beat the market. If you think you can I encourage you to try to get into an Ivy league cuz you're chances are roughly the same. Good luck out there folks. Holla atcha boy
GLong
by misckid
GTBIF - continuing channel or breakout?I've been looking for an entry into the MJ market for the past 6 months and have been watching a few ones closer than others. GTBIF has established nice support and has bounced a few times now. They bucked the steeper downtrend channel and formed a fairly parallel channel enclosing the current base support. I bought in the other day at 8 hoping to catch a bounce off the trend line and a re-entry play again at 8. 2019 ended with most MJ stocks picking up 10%+ whereas GTBIF couldn't push through the trend line and only picked up a 3.85% gain. If 2020 continues with bullish MJ sentiment; I think GTBIF will hold the trend line then blast through. If there is a early sell off, I think they will hold the current base.
OTC:GTBIFLong
by weensNbeans