CGC sells the news into legalizationCGC saw a big gap up and huge volatility in the opening minute with a range of more than $1, before an aggressive dump spanning 20 minutes and traders took profit, knocking the stock down 12% immediately. CGC bounced off the low of the day pennies above that key resistance we broke Monday for the equilibrium bullbreak - 51.21 former resistance now support, with the low of the day just above at 51.26.
The RSI also backtested the upper resistance of the wedge pattern it broke out of, also as support. The MACD on the daily signals a very weak move from the daily breakout and the volume looks like a volume climax - often a signal of a trend reversal.
We are very confident that on this pullback we will retain the daily uptrend and set a higher low above 46.52. Tomorrow I'll be watching for support at the low of today and at the daily Middle Bollinger Band.
We are seeing weakness after hours having broken the low of consolidation after the bounce, which would typically have us looking to open with weakness the following day. The top of the afternoon bounce rejected from the 15min Upper Bollinger Band and immediately lost the Middle Bollinger Band, rejecting the price for the rest of the day and into after hours. We are downtrending on the 15min currently, looking for a new base of support.
Key support to hold is low of the day 51.26. Key resistance to break to tell us our daily higher low is in will be 55.44. On any continued bull push I do expect a lower high relative to our new all time high 59.25.
We knew the rug was going to be pulled out at any moment, and I was caught a little off guard that it happened first thing this morning but luckily took profit on all my swings on the big gap up open. I do hope everyone heeded last night's advice to set your stop loss orders.
Big institutions have been loading large positions in Canopy with CIBC and Anonymous combined purchasing roughly $500 Million worth of shares in the past month. Be aware these whales can start unloading massive positions at any time without notice.
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Weedstocks
ACB sells the news into legalizationACB saw a big gap up and a big push in the first few minutes, followed by an aggressive dump spanning 20 minutes as traders took profit, knocking the stock down an immediate 16%. ACB bounced just five cents above former resistance 13.60 - former resistance now support.
The RSI also rejected from a downtrend line spanning the last few weeks. The MACD on the daily signals a very weak move from the daily breakout and the volume today looks like a volume climax - often a signal of a trend reversal.
We are very confident that on this pullback we will retain the daily uptrend and set a higher low above 12.50. Tomorrow I'll be watching for support at the low of today and at the daily EMA8.
Key support to hold is low of the day 13.65. Key resistance to break to tell us our daily higher low is in will be 14.96. On any continued bull push I do expect a lower high relative to our new all time high 16.24
We knew the rug was going to be pulled out at any moment, and I was caught a little off guard that it happened first thing this morning but luckily took profit on all my swings on the big gap up open. I do hope everyone heeded last night's advice to set your stop loss orders.
Big institutions have been loading large positions in Canopy with CIBC and Anonymous combined purchasing roughly $500 Million worth of shares in the past month. Be aware these whales can start unloading massive positions at any time without notice.
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APH is a clear laggard, though chart remains bullishAPH saw a higher open this morning and broke the daily inside bar bullish but remains within its hourly equilibrium. The daily bull flag setup remains as the range gets tighter and tighter. MACD is curling up and we want to see a clearer spike tomorrow and increasing volume.
Bulls are trying to hold 19.79 as an hourly support but we're far from convinced that's our higher low. Next level is 19.62 and 19.32. It would be a red flag to break those levels, but 19.00 is must hold to remain within this hourly equilibrium.
Resistances is then 20.18 to break the equilibrium bullish. Bulls will then look up to test our recent highs 20.50, 20.70, and 21.58.
APH is a clear laggard to CGC and ACB that are at all time highs in full on breakout mode. I'll be watching to see if some profits from those names start to cycle into APH to give an extended run here.
Keep walking your stop losses up. We're in a euphoric bull run and we want to protect our profits from any sudden sell-off.
Also keep in mind the correlation to the overall market. SPY has its second daily inside bar to watch the range of tomorrow, and while a bearish end of day didn't affect the mj sector today, we have seen countless times where it has.
By the way, I do analysis on the entire sector across all the mj charts I publish. If you're not looking at all the names I talk about, you're not getting the full sector-wide analysis. Follow me to get updates when I publish ideas and pay attention to the mj names you typically don't look at too, so you can stay in the know and get the full picture.
ACB double tops at all time high, needs follow-thru tomorrowACB saw a gap-up and run open this morning on big bull volume, continuing the daily breakout from Friday and finishing the day up 10%. ACB hit a new all time high today by two pennies but that's effectively a doubletop at 15.22 so the bulls are going to need more follow through tomorrow. That shouldn't be an issue, with a close up near the high of the day.We're riding well above the daily Upper Bollinger Band as support.
We see daily RSI has broke out of its channel and is approaching recent highs, and the MACD has started to curl up. We're looking for a higher MACD spike tomorrow.
When stocks are at all time highs there is a lack of resistance, so we look for psychological round numbers. $15.50, 16, 16.50 etc. $20, should we get there, will especially be tricky.
Our key support is 14.63 on the hourly. We also have a little support at 14.79, and 15 psychological.
Keep walking your stop losses up. We're in a euphoric bull run and we want to protect our profits from any sudden sell-off.
Also keep in mind the correlation to the overall market. SPY has its second daily inside bar to watch the range of tomorrow, and while a bearish end of day didn't affect the mj sector today, we have seen countless times where it has.
By the way, I do analysis on the entire sector across all the mj charts I publish. If you're not looking at all the names I talk about, you're not getting the full sector-wide analysis. Follow me to get updates when I publish ideas and pay attention to the mj names you typically don't look at too, so you can stay in the know and get the full picture.
WEED looking for blue sky breakout tomorrow!WEED had a gap-up and run open this morning on massive volume, breaking our daily equilibrium bullish and finishing the day up 13%. WEED rejected from all time high today although the American ticker certainly smashed that level, but we still closed pennies off the high of the day. After hours trading saw CGC hit as high as 58.44. We're riding well above the daily Upper Bollinger Band as support.
We also see the hidden bullish divergence on the RSI and MACD having finally played out. RSI has broke out of its descending wedge pattern, and the MACD has started to curl up. We're looking for a higher MACD spike tomorrow.
When stocks are at all time highs there is a lack of resistance, so we look for psychological round numbers. $75, $76, $77, etc. $80 especially should be tricky. We also look at the American tickers to correlate the highs of pre and after market with the Canadian levels. For CGC the high of after hours trading is 58.44.
Our key support is 70.16 on the hourly.
Keep walking your stop losses up. We're in a euphoric bull run and we want to protect our profits from any sudden sell-off.
Also keep in mind the correlation to the overall market. SPY has its second daily inside bar to watch the range of tomorrow, and while a bearish end of day didn't affect the mj sector today, we have seen countless times where it has.
By the way, I do analysis on the entire sector across all the mj charts I publish. If you're not looking at all the names I talk about, you're not getting the full sector-wide analysis. Follow me to get updates when I publish ideas and pay attention to the mj names you typically don't look at too, so you can stay in the know and get the full picture.
Canopy Growth in blue sky breakout!CGC had a gap-up and run open this morning on massive volume, breaking our daily equilibrium bullish and finishing the day up 14%. CGC set a new all time high today, easily busting through the old level and closed at 56.89, just pennies below the high of the day. After hours trading saw Canopy hit as high as 58.44. We're riding well above the daily Upper Bollinger Band as support.
We also see the hidden bullish divergence on the RSI and MACD having finally played out. RSI has broke out of its descending wedge pattern, and the MACD has started to curl up. We're looking for a higher MACD spike tomorrow.
When stocks are at all time highs there is a lack of resistance, so we look for psychological round numbers. $57, $58, $59, $60 especially should be tricky. We also look for the highs of pre and after market - like I said, that's 58.44.
Our key support is 54.05 on the hourly. From after hours we also have 57.27.
Keep walking your stop losses up. We're in a euphoric bull run and we want to protect our profits from any sudden sell-off.
Also keep in mind the correlation to the overall market. SPY has its second daily inside bar to watch the range of tomorrow, and while a bearish end of day didn't affect the mj sector today, we have seen countless times where it has.
By the way, I do analysis on the entire sector across all the mj charts I publish. If you're not looking at all the names I talk about, you're not getting the full sector-wide analysis. Follow me to get updates when I publish ideas and pay attention to the mj names you typically don't look at too, so you can stay in the know and get the full picture.
Expecting TGOD volatility FridayTGOD daily has now pulled back almost 50% from its recent all time high last month and has been very weak in a sector that's holding up reasonably well. I can only speculate as I am not a fundamentals guy but I attribute this to two things. First, the uncertain future of the greenhouse its constructing in Ancaster, and second the decision Aurura Cannabis faces tomorrow on whether or not to increase their investment.
I would expect the stock to react positively to an increased investment, and negatively to a decision not to increase. Either way tomorrow we should see some volatility.
Daily and 4hr RSI is currently right around historical bounce levels but the hourly is only 28, meaning we could easily see another let to the downside before a bounce occurs.
I see support close by at 5.25 and a band of support between 4.88 - 4.97.
For anybody looking at any stock keep an eye on the market. The correlation of every individual name and sector to the overrall market is real and the market saw an all-out dump today, having now given back over 3 months of gains in the past week.
By the way, I do analysis on the entire sector across all the mj charts I publish. If you're not looking at all the names I talk about, you're not getting the full sector-wide analysis. Follow me to get updates when I publish ideas and pay attention to the mj names you typically don't look at too, so you can stay in the know and get the full picture.
TLRY - Watch this breakout for long to 200$TLRY is currently in the B wave of an ABC correction.
So far it has completed subwaves a and b of B wave and looking for upside on c leg to complete the B wave in the larger degree ABC.
Watch for this flag to breakout for a nice long setup to around 200$
APH holding a daily bullflag into legalization weekAfter a huge move on reports of an investment by a tobacco company, APH is trading in a 4hr equilibrium with multiple daily inside bars. This is one of my favourite setups. As expected we have decreasing volume on this consolidation.
The range to watch is today's range; Break 19.00 bearish or break 20.00 bullish.
Note that 19.00 would not break the equilibrium bearish because we haven't set a convincing higher low above 18.61. For now, that remains our key level
By the way, I do analysis on the entire sector across all the mj charts I publish. If you're not looking at all the names I talk about, you're not getting the full sector-wide analysis. Follow me to get updates when I publish ideas and pay attention to the mj names you typically don't look at too, so you can stay in the know and get the full picture.
ACB the first in the sector to breakoutYesterday I pointed out that ACB needed to regain the hourly uptrend as a sign for a continued bull move. Anybody who acted on that signal had a very profitable day today! The key was 12.98 and if you bought that you would be up 6% already! ACB has been the most bullish chart for a couple weeks, and today saw that play out with a key break.
The key daily break today was the break of 13.60, which we saw on increasing bull volume today. I am concerned about two things, however. First, the MACD on this move up is very weak. Second, last time we broke resistance in the mid 13-range we saw no follow-through. Bulls will have to show us conviction of this break Monday on big bull volume in order to negate a potential ascending wedge pattern, as well as to give some confidence to this struggling MACD.
Our new must hold support to keep the bulls in charge is 13.24, and anything above this would be a higher low.
After today we only have three resistances left: 13.75, 14.10, and our all time high 15.20. As of close, we're only 11% away from that all time high.
CGC and APH also have very nice daily setups heading into next week; let's see if this ACB breakout will foreshadow what those names will do on Monday.
By the way, I do analysis on the entire sector across all the mj charts I publish. If you're not looking at all the names I talk about, you're not getting the full sector-wide analysis. Follow me to get updates when I publish ideas and pay attention to the mj names you typically don't look at too, so you can stay in the know and get the full picture.
WEED - Only two levels matterIn the past few ideas I've been pointing viewers to the intraday charts on WEED and I'm no longer doing that. The price action remains so choppy within this range I've become convinced there's no use for it for the pattern. We now have two green days in a row, but because Oct 11th had a much lower open, we still don't have two "real" green days in a row - where the close is higher than the previous day. Our high of day also rejected from the uptrend line we lost on Wednesday.
We have a descending wedge pattern on our RSI, showing hidden bullish divergence. We see the same type of divergence on the MACD as well.
Part of the unclarity lies in that we don't have a clear level of resistance, but rather we have bands of resistance, so I default to using the outermost extremities of the pattern.
Support: 60.14
Resistance: 66.19
These are the only numbers that matter to me for CGC. From Friday's close we're only 14% away from all time high; If we break bullish out of our current equilibrium we will test that level, so I'm more than happy to sit back and wait for the clear direction.
That said, bottom-fishing bear breaks of $61 have been profitable over the past week but I would keep a very tight stop on any such attempt.
It's also worth noting that I do not chart or play WEED. I chart CGC only - it has significantly more dollar volume so I believe the signals on that chart are more important; but both are worth keeping an eye on - I've seen instances where CGC struggled at a seemingly random price, and it was because WEED was up against a psychological resistance.
With that in mind, I see WEED has broke bullish out of the RSI descending wedge but CGC has yet to do so. I also note this RSI pattern on WEED is actually more of a parallel channel.
By the way, I do analysis on the entire sector across all the mj charts I publish. If you're not looking at all the names I talk about, you're not getting the full sector-wide analysis. Follow me to get updates when I publish ideas and pay attention to the mj names you typically don't look at too, so you can stay in the know and get the full picture.
CGC - Only two levels matterIn the past few ideas I've been pointing viewers to the intraday charts on CGC and I'm no longer doing that. The price action remains so choppy within this range I've become convinced there's no use for it for the pattern. We now have two green days in a row, but because Oct 11th had a much lower open, we still don't have two "real" green days in a row - where the close is higher than the previous day. Our high of day also rejected from the uptrend line we lost on Wednesday.
We have a descending wedge pattern on our RSI, showing hidden bullish divergence. We see the same type of divergence on the MACD as well.
Part of the unclarity lies in that we don't have a clear level of resistance, but rather we have bands of resistance, so I default to using the outermost extremities of the pattern.
Support: 46.42
Resistance: 51.21
These are the only numbers that matter to me for CGC. From Friday's close we're only 14% away from all time high; If we break bullish out of our current equilibrium we will test that level, so I'm more than happy to sit back and wait for the clear direction. That said, bottom-fishing bear breaks of $47 have been profitable over the past week but I would keep a very tight stop on any such attempt.
By the way, I do analysis on the entire sector across all the mj charts I publish. If you're not looking at all the names I talk about, you're not getting the full sector-wide analysis. Follow me to get updates when I publish ideas and pay attention to the mj names you typically don't look at too, so you can stay in the know and get the full picture.
Lookout for breakout with Canopy Growth - Canadian MJ StockIt looks to me like an expanding descending wedge pattern which could result in a bullish breakout for Canopy Stock. Wait for confirmation.
HEXO forming a daily equilibrium, just below all time highHEXO is forming a daily equilibrium with a tightening range just under its all time high. Our current lower high appears to be set at 8.80 and the bulls are now looking to set a higher low above 7.71, currently a double bottom. I'm a big fan of this setup so close to our all time high because of the lack of overhead resistance at this level.
We've now spent 15 trading days trading within the entire range of September 19th.
For anybody looking at any stock keep an eye on the market. The correlation of every individual name and sector to the overrall market is real and the market saw an all-out dump today, having now given back over 3 months of gains in the past week.
By the way, I do analysis on the entire sector across all the mj charts I publish. If you're not looking at all the names I talk about, you're not getting the full sector-wide analysis. Follow me to get updates when I publish ideas and pay attention to the mj names you typically don't look at too, so you can stay in the know and get the full picture.
APH hourly equilibrium is early signal for daily bull flagAPH gave us a daily inside bar today as one could expect after such a volatile day yesterday. Our pattern is clearest on the 1hr chart as we see a tightening equilibrium. We have our lower high at 20.50 and the bulls are now searching for a higher low; a new base of support above 18.60. The daily chart is currently in a bull flag setup and to confirm the bulls will need to break this equilibrium and the high of yesterday 20.70 on increasing volume.
I might consider bottomfishing a lower high above 18.60 but weakness in the overall market may have me patient instead, and waiting on the sidelines for a break of this tightening hourly pattern.
For anybody looking at any stock keep an eye on the market. The correlation of every individual name and sector to the overrall market is real and the market saw an all-out dump today, having now given back over 3 months of gains in the past week.
By the way, I do analysis on the entire sector across all the mj charts I publish. If you're not looking at all the names I talk about, you're not getting the full sector-wide analysis. Follow me to get updates when I publish ideas and pay attention to the mj names you typically don't look at too, so you can stay in the know and get the full picture.
ACB must change the hourly trendACB looked to be trying to print a daily bull flag but the pullback today and close near the low is more than enough to negate that in my mind. I find the clearest picture on the 1h4 chart where we have a clear downtrend of lower highs and lower lows.
Our lower high of resistance is the high of the afternoon bounce 12.90 and high of the day 12.94 but really I'm not interested until the price can break above $13.00 psychological reisistance. Key level on the hourly chart for the bulls to hold as step one in taking back control is 12.50. If we lose that level, I'll remain patient waiting for a new support to be found and watch the top of the subsequent move to see our new resistance level.
For the record, ACB has now given back 2/3 of the move subsequent to them filing their uplisting documents with the SEC.
For anybody looking at any stock keep an eye on the market. The correlation of every individual name and sector to the overrall market is real and the market saw an all-out dump today, having now given back over 3 months of gains in the past week.
By the way, I do analysis on the entire sector across all the mj charts I publish. If you're not looking at all the names I talk about, you're not getting the full sector-wide analysis. Follow me to get updates when I publish ideas and pay attention to the mj names you typically don't look at too, so you can stay in the know and get the full picture.
WEED clearest on the 4hrWEED has an inside bar on the daily and the daily chart is a little clearer here than it is for CGC but I still prefer the 4hr chart for the big picture. Our key support is 60.55 and key resistance is 64.99.
I'm very impressed how well the entire mj sector is holding up in the face of market weakness. That said...
For anybody looking at any stock keep an eye on the market. The correlation of every individual name and sector to the overrall market is real and the market saw an all-out dump today, having now given back over 3 months of gains in the past week.
By the way, I do analysis on the entire sector across all the mj charts I publish. If you're not looking at all the names I talk about, you're not getting the full sector-wide analysis. Follow me to get updates when I publish ideas and pay attention to the mj names you typically don't look at too, so you can stay in the know and get the full picture.
CGC greatest clarity on the 4hr chartCGC looks to have set its lower high in our 4ht equilibrium today at 48.34 but we haven't yet pulled back enough to make us confident. For me, the key resistance is still 49.88. Support in our pattern is 45.01.
I find the clearest picture here on the 4hr chart, as smaller timeframes are choppy and the daily chart is very unclear. I'm very impressed how well the entire mj sector is holding up in the face of market weakness. That said...
For anybody looking at any stock keep an eye on the market. The correlation of every individual name and sector to the overrall market is real and the market saw an all-out dump today, having now given back over 3 months of gains in the past week.
By the way, I do analysis on the entire sector across all the mj charts I publish. If you're not looking at all the names I talk about, you're not getting the full sector-wide analysis. Follow me to get updates when I publish ideas and pay attention to the mj names you typically don't look at too, so you can stay in the know and get the full picture.
CGC is very tightCGC's short term direction will be decided on the ongoing equilibrium on its 4hr chart. The key levels are 46.63 support to 50.99 resistance. Our lower high may be 49.88 if looking at the details of the 1hr chart.
Expect choppy action in this right range. 46.42 is the must hold level to maintain the daily uptrend the bulls just took back.
For anybody looking at any stock keep an eye on the market. The correlation of every individual name and sector to the overrall market is real and the market saw an all-out dump today, having now given back over 3 months of gains in the past week.
By the way, I do analysis on the entire sector across all the mj charts I publish. If you're not looking at all the names I talk about, you're not getting the full sector-wide analysis. Follow me to get updates when I publish ideas and pay attention to the mj names you typically don't look at too, so you can stay in the know and get the full picture.
ACB moves on APH rumoursACB may have found it's new base of support at 12.75 when it broke the lower high pattern on a move that topped out at 13.45. We're looking at the hourly chart here as it offers the most clarity for me. I'm anticipating the bulls to form a higher low above 12.75 and will be watching the pullback for size and volume to consider the liklihood of forming an hourly equilibrium or seeing continuation.
Key range: 12.75 - 13.45
Note that today's move seems entirely related to APH run on news today, news that of course does not affect Aurora in the slightest. I'm not sure how that weighs into what happens next so we will just patiently said for our next long or short signal.
For anybody looking at any stock keep an eye on the market. The correlation of every individual name and sector to the overrall market is real and the market saw an all-out dump today, having now given back over 3 months of gains in the past week.
By the way, I do analysis on the entire sector across all the mj charts I publish. If you're not looking at all the names I talk about, you're not getting the full sector-wide analysis. Follow me to get updates when I publish ideas and pay attention to the mj names you typically don't look at too, so you can stay in the know and get the full picture.
APH tobacco rumours ignite a bull moveAPH had a solid move today on the back of a report of a potential investment from a tobacco company (yuck!). This is the most volume APH has ever seen, we we broke numerous resistances on the way up. There is no support here at these levels to be very careful if making any bullish entries.
Daily support is at 15.93. Key resistance is high of day 20.70, then 21.58.
We have to look at the 5min chart to find closer supports, and I see 19.54, 19.40, and then nothing until 17.19.
It's clear there were people trading yesterday on insider information, front loading for this move, where we saw the price run from 16.87 - 18.03 on very low volume while the rest of the sector was trading sideways at best. See below for yesterday's move, and compare the volume to the chart above and you can see the front loading taking place.
I did not swing a position because I am terrified to hold anything with the stock market dumping so aggressively. Tomorrow, I'm going to need to let the range establish itself first thing and wait for a break of that. Supports are too far away right now for me to be comfortable to play off of.
Congrats to the bulls - I missed the whole move but I'm happy for those of you who caught it. Just like that, we're approaching key resistances. After a 15% move today, we're only 20% away from all time highs!
For anybody looking at any stock keep an eye on the market. The correlation of every individual name and sector to the overrall market is real and the market saw an all-out dump today, having now given back over 3 months of gains in the past week.
By the way, I do analysis on the entire sector across all the mj charts I publish. If you're not looking at all the names I talk about, you're not getting the full sector-wide analysis. Follow me to get updates when I publish ideas and pay attention to the mj names you typically don't look at too, so you can stay in the know and get the full picture.
India Globalization Capital Inc. (AMEX:IGC) Exit StrategyBought some shares of this company at just under $3 before the euphoric run to the upside started. This is really my first foray into trading company stocks and I don't usually trade based on news, but with this one I did. With the 420 industry set to blow up here in Canada, it's interesting to see a bubble go through the motions while it's happening. I have no doubt many companies in this sector will fortify over time beyond Oct 17th, however, for now it seems like a lot of speculation is taking place, which is causing a lot of these companies to be over valued. IGC is a prime example of this. I don't have any confidence in this company reaching the heights it did last week again. I believe currently we are finishing up a correction before the downtrend ultimately continues. I am hoping to cash out my shares around $7 if it goes back up there as per my analysis, otherwise I'll hold out until $4 if it starts breaking to the downside earlier.. either way I'll still be in profit..
WEED is indecision defined
WEED wasn't trading yesterday so I'm looking to CGC for much of my information.
CGC today printed a daily inside bar and intraday we saw very choppy action. I definitely did not expect this after such a strong day Monday that broke daily resistance. Today's volume is in line with yesterday's volume , which is also unusual for an inside bar day. RSI is back within the descending wedge pattern after rejecting from the attempted breakout yesterday, so the hidden bullish divergence on the MACD and RSI hasn't yet, in fact, played out.
The key daily support to keep the bulls in control is 60.14.
The key daily resistance to break to see continuation is 66.19.
The gap-up bull break with no followthrough is concerning and had me looking for a wedge , but I find it difficult to draw a wedge pattern. While the American ticker has more of a parallel channel, the Canadian ticker definitely has an ascending wedge to watch for.
We are now a full month without seeing two green days in a row. Every red day we see between now and legalization is a significant strike against the possibility of seeing all time highs into Oct 17th.
By the way, I do analysis on the entire sector across all the mj charts I publish. If you're not looking at all the names I talk about, you're not getting the full sector-wide analysis. Follow me to get updates when I publish ideas and pay attention to the mj names you typically don't look at too, so you can stay in the know and get the full picture.
