Weed
GWPH Long IdeaIm thinking that GWPH goes higher from here. The 8sma is crossing the 13ema. Last time it went higher for weeks. I'll take this BUY here.
LONG HEXO AGAINLooks great for a long position. Not usually a Fib trader but it works out well for this trade.
God Speed,
Mr. Manbearpig
SHORT TRULDont really trade stocks too often but there is alot of volatility to be had in some of these weed stocks. Some I am bias going short others going long. Definitely feel the former on this one.
God Speed,
Mr. Manbearpig
LONG CRONI have been following the weed sector closely as it has a favorable vol indication for someone with my size and have determined that there is a strong probability that we are due for some oversold bounces in this sector. Might be worth throwing in a bet and calculating RR accordingly. Modify as needed according to your risk tolerance and size.
God Speed,
Mr. Manbearpig
Bull Flag or Descending Triangle.Since my post several days ago linked to this chart, you'll notice $WEED is holding the neckline area of the inverse H&S, forming two additional patterns known as a bull flag & descending triangle.
Seeing how the sector has thrown under the bus for the better part of 1 year, I'm expecting to see the Bull Flag play out.. Simply to go against the bearish narrative that's becoming a bit more hysterical by the day..
Time will tell per usual.
Lower High.It appears as though the Inverse H&S may be negated. Where I've placed another arrow pointing down may become another lower high, and it may act as the left shoulder of a H&S.
Is Canopy trading in a Inverse H&S?Or was the recent move simply another lower high where i have the red arrow pointing down?
It appears as though Canopy may be ready to break the neckline of this inverse H&S.
The RSI may have double topped though, only time will tell.
AURORA CANNABIS (ACB) | Risky, But Probably Worth It!Hi,
Aurora Cannabis Inc. produces and distributes medical cannabis products.
Obviously, it has some mixed fundamentals but technically it may find some buyers around 2.00 - 2.50.
Technical criteria are pretty strong, some of them are a bit subjective but in general, we have a strong crossing area. The green box consists of:
1) 2016 & 2017 high/resistance should start to work as a support level.
2) Actually, it has already started to act as support. In the last week, the price got a rejection upwards from the gray area (2016/17 high) and formed a Spinning Bottom candlestick pattern - bullish candlestick pattern.
3) Now, a bit subjective but still, channel projection worked as a support level and they make up a crossing area with the gray zone.
4) The crossing area becomes even stronger because we have D point exactly inside of it from the pattern called AB=CD
5) Fibonacci Extension 127% should make it (marked bounce area which stays between 2.00 - 2.50) also a bit stronger.
6) The current seasonal "pattern" favors buyers. It means that the end of the year has been pretty profitable for Aurora and the last upwards rally started about a year ago also in December.
Target is up to you but the strongest resistance level stays around the 5.00 and if it reaches there from the current area then it will be 100%+ profit.
Do your own research and please, take a second and support my effort by hitting the "LIKE" button, it is my only FEE from You!
Best regards,
Vaido
$ACB 76.8 fib retracement done, -0.27 fib target.$ACB $CGC $TLRYBought a lot of ACB around $3 last week. Went crazy the week, but then retraced to fib 78.6
Cannabis 2.0 - chance to growFundamentals are now better.
Prices are better.
Regulations & Govs are more ready for it.
Early bottom assumtion. Confirmation + Adding on growth.
Canopy Growth TSX WEED.TO.. The hype cycle. Weekly with reports.Things have definitely finally hit levels that are in line with a longer term bottoming and possibly the re-confirmation of a base support at these levels of previous highs. If not, things look grim for this entire hype based market.
Wait for the next report? Wake me up in the spring.
Cannabis in Free fallAs we looked at this stock yesterday and shorted into the close. It was almost too obvious it would shoot down with the earnings report release. Now there is very little support going into this last downward leg until we reach 2$.
Capitulation mode is in full effect. didn't think it would happen this soon but investors are giving up on cannabis stocks sooner than I expected (this looks really bad for the overall stock market because cannabis is a perfect demonstration of pack psychology and a good measure of impulsivity in the markets). Time to hold shorts until this makes another BIG flat bottom which is characteristic of most bubbles.
Canopy Growth Corp: Above $21.70 increases the odds of a bottomConsider also, this stock is heavily shorted and earnings could start a short squeeze higher.
TILRAY - Major Bullish SignalsWeekly RSI bullish divergence plus break-out above the downtrend line. Still in the accumulative zone and previous week closed TD5 Downtrend and this week on TD1 Uptrend.
Moving Average Convergence Divergence (MACD) indicator also showing bullish divergence and crossed to bull mode. Overall this looks like a great entry and if it goes lower even better to scale in longterm.
It also appears to have completed 3 down waves in a falling wedge or downtrend channel.
Please like and comment if you agree or have a different view!
Good to go, happy trading.
-TheTrex
Drake started from the bottom, but not with Canopy?Or did he?
I mean, technically Drake could have been invested in Canopy for many years now, he's a very business savvy guy, not just rapper / icon. So who really knows what his average cost is.
Anyway, on a 3 month & 6 month chart we can clearly see lower high after lower high, and this recent move may become just that, another lower high... The rsi is very overextended & it looks like an inverse H&S already played out there... But on the actual chart, it appears as though a Inverse H&S may still be forming, only time will tell I guess.
A bounce to new resistanceGood day folks,
I think we could see a bounce in MJ and test new resistance at 24.
Thank you,
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
