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CGC Critical Support|Falling Wedge|Bullish Divergence|Open GapHello Traders! Update on CGC – Canopy Growth Corporation, testing critical support in a potential falling wedge pattern that has a bullish divergence coming to fruition, will CGC have a relief rally from here? Points to consider - Trend Bearish with consecutive lower highs - Major structural support being tested - Resistance at .50 Fibonacci - EMA’s giving price resistance - Stochastics projected upwards - RSI converging from price - Volume below average - Open Gap - Technical target in confluence with .50 Fibonacci Level CGC has been trading in a distinctive bear trend within this falling wedge formation that has yet to be broken. We have consecutive lower highs as the trend comes into its probable apex zone. Major structural support is getting tested, currently holding true, this is critical as it’s in confluence with the falling wedge’s apex zone. A break of this level will negate the formation, leading to local support being more probable to be tested. Resistance on the other hand is at the .50 Fibonacci level, this is a key area as it is in confluence with the technical target of the falling wedge… The Stochastics is projected upwards; momentum is in favour of the bulls if price where to break up and above from current resistance line. The RSI is currently putting in higher lows; divergence from price as it puts in lower lows, this just further confirms the theory of a bullish divergence playing out. Volume is below average at current given time; we need to see an influx of volume upon breakout to ensure that it’s not a fake out. A breakout and an influx of volume will make the EMA’s cross bullish which will confirm the trend reversal as currently it’s giving price heavy resistance. Overall, IMO, CGC is more probable to break bullish from this formation as we are testing a critical support level, we also have an open gap, and gaps always tend to fill if you look at price history. The technical target for the falling wedge will be met at the .50 Fibonacci which is in confluence with structural resistance. What are your thoughts on CGC? Please leave a like and comment, And remember, Don’t worry about what the markets are going to do, worry about what you are going to do in response to the markets - Michael Carr
CLong
by AzizKhanZamani
Canopy Growth Price Action - Is the Bottom in for Potstocks?We are now near the bottom of the previous wave 4 of one lesser degree, and IMO it's about time for shorts that have rode this down to take their profits and flip long. I've updated my count and I now have A as a leading diagonal, and I have this whole correction as a standard ZigZag. Whatever we have here is in 3 waves, and this count seems to work, especially the fib relationships when I did a deep dive. Wave C looks pretty straight forward with 5 waves in a channel. The extended wave 3 hit the 1.618 x A target right on the nose; It'd be hard to argue that that 5 wave move is not an impulse. Question is, where are we in the final 5th wave? I can't get a great count on this one, and see two possibilities: 1. Wave 5 is some sort of diagonal, and has completed. What I like about this is the wave A and C equality of the the large red ZigZag. What I don't like is the ending diagonal is messy. 2. We are still in wave 3 of 5. My target for this case is $14.5. Here's why: a. It's the target for wave 1 and 5 equality. (Last blue wave 5 would be equalt to wave 1) b. $14.5 is a level of interest as it was the top in November 2016. c. It could satisfy the wave C target using the channeling guidelines (pink channel) d. I also noticed that price is reacting to the slope of a channel using the top of blue (A) of the larger red B wave. Check out the fib channel and how price has reacted to it. Even the overshoot hit the .236. Not sure why, but seems as though algos are reacting to something here. Take a look at where this channel intersects with the pink channel. You guessed it, the golden ratio .618. My plan is to wait for it to play out, and will be watching my indicators closely at the $14.5 area. If instead we break out of the C wave channel (specifically the TL joining the top of waves 2 and 4), I will also go long. This change in price behavior would let me know that wave C has completed. GL All! -ill
CLong
by derelict_dalmatian
Local Top| ABC Correction? Oversold Bounce?Hello Traders Today’s chart update will be on WEED – Canopy Growth Corporation – is the local top in and are we in an ABC correction? We are more probable to be in for an oversold bounce due to the over extension of indicators. Points to consider - Bear trend established on 240 time frame - Local resistance at $38 region - Local support at $25.50 region - Stochastic in lower region - RSI oversold - Volume Declining rapidly WEED is more probable to be in an AB correction after an impulse wave 5 being completed. The trend is bearish as it has failed to make a higher high, negating to overall market structure. Local resistance at $38.00 was breached and retested before a continuation down further to the now local support. This level needs to hold for a potential oversold bounce to come to fruition. The Stochastic is in severely low regions, it can stay in this area for an extended period of time until we see a clear projection upwards. The RSI also is in severely low regions, an oversold bounce is more probable if price holds local support. Volume overall is quite low, we need an impulse of volume to confirm an bounce and or break from current region. The EMA’s is giving price resistance into support; we need to see a bull cross for a confirmation of a bounce… IMO, WEED is completing its ABC correction, a bounce and or a break from this local support will tell us where it’s more probable to head in the near future… What are your thoughts in this Pot Stock? Please leave a like and comment, And remember, “The market is a device for transferring money from the impatient to the patient.”- Warren Buffet
TSX:WEED
by AzizKhanZamani
Why Is KSHB Going Up While Most Pot Stocks Are Getting Slammed?KSHB has been one of just a fine few pot stock related names that has actually gone up. So what's the deal? The company’s stock price struggled throughout September, decreasing 60% on a massive drop during trading hours on September 26th. This was due to the company announcing a direct offering for shares at $1.75 per. This cannabis company is comprised of several industry-leading companies. This includes one of the largest producers of vaporizer products and packaging, Kush Supply Co. Furthermore, it owns Kush Energy which provides hydrocarbon gases and solvents to the cannabis sector. "The direct offering was valued at $30.2 million and is expected to close relatively soon. Investors must have found this offering promising because today, on October 1st, the marijuana stock is up 11%. Could this lead to a strong and promising October for investors after that rough September?"* *Quote Source: 5 Penny Stocks To Watch This Week Stock: KSHB
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by PennyStocks101
DCGD New Highs - What's The Next Catalyst?Justin has been busy getting appointed to other companies like MCTC and IGNG . Meanwhile, DCGD has added to its advisory board. But what comes next? New highs again today. Will there be a capital raise at any point? Interested to see the next quarterly filings. From Money Making Penny Stocks: One Is Up Over 21,000% This Quarter "This Has Been One Of The Best Penny Stocks of 2019 And PennyStocks.com Was All Over It! Back in July was when it first caught out attention. At the time, DCGD stock was trading around $0.07. A few days prior to that it was trading at $0.01. This week, DCGD broke the $2.15 mark. That makes a run of more than 21,000% from $0.01. And it wasn’t like the move was made on tiny trading volume either." Good points across the board in that piece .
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by PennyStocks101
CWEB Trade Set Up! Hello Traders! Today’s chart will be on CHARLOTTES WEB HOLDINGS, a pot stock to keeps your eyes on! Points to consider, - Overall trend bullish - Price respecting upwards trend line - Bulls testing major resistance - RSI respecting downwards trend line - Stocks showing downwards momentum - EMA’s providing price support but looks weak - Very low volume CWEB chart is very clear at current given time; shows us exactly what key levels to watch for the bulls and bears. The trend has been putting in lower highs over the couple months, with price now testing resistance, gives us a good trading set up! The RSI is respecting the downwards trend line as the stochs continue to show downwards momentum. It’s important to consider that the volume is very low at given time, as when we see a breakout, it is expected that volume will increase drastically. If bulls are capable of breaking local resistance, we can witness gains of up to 20% and vice versa if bears are able to break upwards trend line… What are your thoughts on CWEB? Will it break bearish or continue its bullish momentum? Please leave and like and comment, And remember, “You never know what kind of setup market will present to you; your objective should be to find opportunity where risk reward ratio is best.” ― Jaymin Shah
TSX:CWEB
by AzizKhanZamani
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