CGC possible short setup CGC possible short setup, both tops are highlighted in orange. CGC entering supply zone, possible retracement to 3.65 which would give this trade a good r/r. Stop loss placed at 4.32 in case we see a trend reversal.
WEEDCA trade ideas
MJ POTX CGC TRLY ACB SNDL IIPR Composite Index Update LONG This is an update of a previous recent idea. The MJ composite has had
a pullback and shows bullish RSI divergence. It is at support and has
various resistances dynamic and stationary above. The time is now
to analyse the preferred symbols / stocks within the composite.
( Alcohol thrived during the Great Depression, no reason not to assume
that cannabis will not thrive in the upcoming Great Depression V2).
CGC: Catching Falling Knives is a Dangerous Game!CGC is an unprofitable company with declining revenue and a high cash burn rate. Sounds... AMAZING! Here are a few reasons why I believe a PUMP in CGC is coming:
1) CGC completed an ABC correction by forming a new yearly low almost tagging the 0.618 trend based fib right on the 1 trend based time fib. Nice "coincidence"!
2) CGC currently trading around the highest volume node in CGC’s history at $2.65.
3) Weekly Bullish Divergence on RSI and MACD. Turning on Heikin-Ashi candles, Weekly RSI is still deeply oversold.
4) On the week of July 18th, 2022, CGC had its second largest volume recording ever at 107 million shares. The only time CGC had a higher volume recording was on the week of October 15th, 2018 at 112 million shares. Funnily enough, that week marked the ATH of CGC. Hopefully the opposite will hold true :D.
5) CGC sentiment is extremely bearish probably from retail capitulation and a barrage of analyst downgrades in 2022.
CGC certainly isn’t reversing trend on its own. The whole entire MJ sector needs a catalyst. Price passing through the 1 trend based time fib is a potential hint that catalyst may be coming soon.
Regardless of TA, if investors REALLY believe in CGC long term, this is a perfect time to add in heavy imo. There's nothing wrong with buying shares at the price which the most shares exchanged hands: $2.65.
Cannabis / MJ Stocks Reversal NotedToday a bunch of cannabis stocks showed up on my screener with
some good price action and high relative volume.
I set up a composite chart using some of the more heavily traded
stocks but no OTCs as well as a couple of the ETFs and the
REIT IIPR which manages and leases indoor cultivation farms.
While I found the composite price had been drifting downward
over preceding months, it bottomed on August 1 and has
rose 30% since then. Fundamentally this is a growth
industry with or without an impending recession.
The volume indicator shows rapidly rising volume
in the past two weeks, a good support for price action
I conclude the cannabis stocks may be candidates for
swing trades presently and into upcoming weeks.
CGC - Time To Wake The Stoners Up 🥱WEED is suddenly coming to life so I'll be covering some names here.
CGC was the strongest today up 17%.
Taking a 2 point reverse fibonacci projection - CGC has crashed to tag the outer extremity of a Shakeout Reversal Zone at 1.786.
And this 17% bounce appears to be a buy-to-close AR Automatic Rally following a heavy SC Selling Climax.
Due to this I would say it is more likely or not that there will be a ST Secondary Test to probe lower and probably at least re-test the SRZ.
IV very high for CGC so this one will be good for selling LEAP puts or simply buying the stock.
Not advice.
$CGC ~ Continues to push lower which is surprising...As shown, wave 2 has now pushed past the 61.8 and now headed towards the 78.6. As we know, wave 2's can retrace up to 100% of wave 1. Best option would be to DCA if you believe in the company. Will continue to track and provide updates. My view is the same as many others, that this sector will push nicely once some good news is published.
CGC - the skunk weed is back to the budding stageMost canadain MJ's are showing bull divergences on the weekly charts again. News coming? NYC finally opens pot shops? - damn are they slow to the pot market.....
CGC is testing it's ultra lows where it meandered for a few years. Doesn't mean it can't go lower, it certainly can. Between here and 2 dollars I think could be an excellent accumulation area.
Be careful though, this company can become a discarded roach and go out of business aka - 0
$CGC ~ Surprisingly still correcting...Surprisingly still correcting even after hitting the 61.8 for a wave 2. Expect this sector to run hard once sentiment changes. IIPR is another one we are interested in...
Long CGC at $5.00www.tradingview.com
Long CGC based on technicals. Major support level. Looking for a a pop on good news.
The infamous Trend Reversal Trade The Trend Reversal Trade, can it work? I have been trading the market for 10 years & the statistics in NOT in your favour, this type of trade has a low probability & trading is a game of stacking the probabilities in your favour. this is to be distinguished from investing; which is a whole different game.
Back to the infamous Trend Reversal Trade. This is the trade where most average home managed investors loose their money.
Lets put this into practice. Imagine following: A good name stock price is over
selling or maybe crashing with over balanced selling right into a demand zone. like WEED in this example on a (W) chart.
The investor buys a LNG position & thinking he purchased a Good company stock for a good price,
isnt that what balance & income sheet based fundamental trading teaches.
Now, all one have to do is wait for the trend to reverse price goes up & big profit. expect that a big pay off does not come, hope is mislead by a bounce in price due to the demand zone. before the prevailing trend continues its down fall beyond your ENTR price, the emotions kicks in & you are in the red profit zone.wtf.. I hope you had a stop loss in place. If you are following me those far, those trades are dangerous..learn from my many mistakes..Fuc*king Hope
What was my mistake? expecting a DZ to reverse the dominant trend & while this does frequently happen, and it is how market is created. but the futility is in the assumption that you can gauge the top or the bottom before the trend changes. I learned to wait for the trend to change without me then i ride the new trend. much like surfing a wave. ride the wave & trade the trend.
Descending Triangle for WEED?wow, hard to believe canopy is getting near my entry point in 2016-2017.
This stock has been a rollercoaster since rec legalization in Canada.
A Potential trading range is highlighted in green. Any price movement that is sustained below or above the green lines is noteworthy.
If WEED doesn't hold the green line of support a gap down to CAD $2.80 is highly probable.
If WEED breaks to the upside out of the downward sloping resistance of the broadening wedge go long, set your stop loss above the resistance line, and trade accordingly. If the top of the broadening wedge doesn't hold as support a decline back down to the baseline support is likely and it was a fake-out.
Bottom of channel, mini inverted H&S, blue line and up!Confirmation coming about blue line. Good time to add
Inverted head and shoulders on WEED Good support level. It's possible we seen the final headfake of the down move during that last swing. Strong RR opportunities here.
$CGC - 4/1/22c 10c option playprice seems to have reached a bottom, showing signs of reversal as it has broken upward after a period of uncertainty or consolidation. bullish option flow coming in for 10c expiring 4/1
CGC: Is it time for a high or just blowing smoke??CGC is looking the best among the pot stocks; as the entire industry looks beat up. From corrections perspective, we can say technically downturn has reached the optimum fib relations and the structure looks to have met the proper finish. There is good amount of divergence in RSI that is currently playing out. Question is is it just another pop before the drop or is it start of something massive. To have a confirmation we first need to see a 5 waves move up and a 3 down, breaking the channel and retest it. We should see daily RSI remain above 50 during the move up and during the corrections. Ideally would want to see a higher high above $9.27 before committing. So far, looking pretty good. If the top end of the channel proves to be too much resistance and RSI falls back below 45, we might get one more lower low.
CGC 150-300% trade. Catching the bottom.Catching the bottom of the cannabis market. I'm not exactly sure when it will start moving but once it starts, it should reach $20 in no time. Look out for federal legalization for the kicker.
CGC Long at Double BottomSorry I've been away for a while. Back to the charts.
CGC is showing seller exhaustion on the Daily on the MACD, indicating either potential trend reversal or at least a relief rally. It's also down so much that there is ridiculous upside and comparatively smaller downside. I may turn this into a position trade if the market dictates it, but my expectation is a swing trade for now.
Entry: $7.10
Stop loss: $6.30
Targets, see chart.
could see downside if we reject here 🦉cgc looks like it could get rejected at this strong resistance area, if it does look for a dip to 7-8 before potential bounce.If resistance breaks my targets are 11.23-12.69
like and follow for more 💘
falling leaf catcher pt.1One pandemic and 2 kids later... I'm back.
Pot to me looks like the value play for this decade. Most view it as dead $ given the run on crypto and tech but I see a wave II corrective wave that's close to completing.
3 things need to happen for a true bottom to get painted here:
1) The drop needs to shallow out. We want a lower low that's on that 1x1 Gann angle (but not any steeper!). My hope is that this takes place somewhere in the $6-$7 range as the ABCD completes. The theory is that wave II is a flat or zigzag so we're on the tail end of a 5 wave terminal wave C.
2) Volume needs to keep growing. You already see it but IMO as money starts to leave traditional equities in a likely correction soonish (future post) you'll start to see it pour back into beaten down sectors like cannabis.
3) Progress needs to be made on the legislative side. DUH... but as mid terms start ramping up I'm expecting both parties to try and one-up each other in trying to take credit for actions toward legalization. Likely it will be lots of rhetoric with little progress so not getting my hopes up... but there just has to be a small catalyst to turn the technicals around.
I've taken starter positions in CGC, CURLF, CRON, TLRY and will continue to accumulate as they drop. No options here as time is not our friend. Stay patient my friends.
price channels weedWeed is on the bottom of my price channel, a good idee would be to buy in now, and sell on the upper lines. the stock is now 83 % cheaper, so i think its worth the gamble.
The resistance and support lines are drawn in log scale, same as in my previous posts.
Cannabis Sector To Run 2022 6-7x Potential Canopy GrowthHey the cannabis sector has underperformed the stock market indexes in 2021, this will run in 2022, stay updated in January for monthly momentum inflections. CGC has a 6-7x potential from here. This should be the first big sector swing followed by airlines and renewable energy in 2022.
