On watch. WEED.ca (TSX)Multi-month triangle forming here. Canada set to legalize some time this summer, this triangle and potential break out could correlate with that time line. Long on a break with volume
CGC trade ideas
Canopy Growth Corporation WEED.TO descending triangle bullish brWEED is looking pretty gooid, setting up for a descending triangle formation ready for a breakout really soon.
Wait for confirmation of a breakout for entry, somewhere bewtween Fib .236 and 0.
Set stop-loss a little bit below entry.
I'm expecting more resistance around the 0.618 (32.03) and 32.53.
Take profits below each resistance.
Target 32.97
A Win for the bears on the Daily but nothing to worry aboutIt looks like we have now returned to normal. We have a strong trend from the beginning of the month that we have just rejoined. The first four hours seen us drop 3% while the second seen us gain it back. Today almost felt like a loss but in a sense it was overall a wash. It may not seem like a win but a close above 30.00 puts us right on track to really start climbing next week. Bottom I have 29.85 however id be comfortable buying at 30.00. Bears took control in the last half hour so expect them to come out firing early. My play would be to buy at 10.85 or at a test and hold of 30.00. Bears I believe are about to burn themselves out.
Expecting a strong start leading into a potentially big dayWeed in the last 15 mins had a dump from 30.70 to 30.44. As soon as WEED broke that 30.50 mark, a previous resistance that the bulls finally conquored this afternoon around 2pm, The bulls came out in full force running the price up at the bell back to 30.60. We had above average volume from 2pm on. A good sign people are coming back. Look for a strong open. We would like to see 30.80 the high of today fall right away which could send us on a big run leading up to Friday's 4/20 newsday. The bigger resistance will come at 31.00 a break and hold there should see us rocket up to 32.00. If the volume is there it could be a big afternoon with people wanting to get in pre 4/20
2 potential landing spots for a bounceWEED is still looking strong. It held up better than I thought. I still think we bleed a little as the rest of the sector should drag us down however. We have great support at 29.50 and then the 100 day MA after that at 28.70. 29.00 is a going to be a psychological support however I dont see much holding it there on daily. Like the rest expect a good dump in the morning followed by a nice recovery. Tomorrow afternoon is where I would be looking to rebuy after this dip.
Still in the triangle, rejected at the 50MA.As we successfully came back into the triangle, but got rejected below the downward trend line, respecting the 50 day moving average as resistance. It has now re-traced back to the 61.8% Fibonacci line, where it sits with indecision as I write this. There is some light support that is now holding us, but it won't take much volume in the wrong direction to see a re-test of the 200 day moving average, where it we can see some more serious support.
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Morning will tellWeed closed just under the 200 MA on the 1 hour chart. This MA is sitting at 30.95. A strong open and 30.95 will be our new support. We should then make a run at 31.75. If we reject then I expect support to kick in around 30.20. These do not mean we are back in a downtrend but with no news and weak volume at close I dont expect a strong open. Ill be looking to buy back into the big 3 at one of their big supports for the next run.
Should run to 32.00 tomorrow.Strong Spy Futures, CRON afterhours seen it close at the high and Good news out of the US. All of this should point to a gap up over 30.00. The 200 Hour MA may cause a bit of trouble at 31.00 but overall I see this stock hitting 32.00 as early as tomorrow. $32.00 was where the last big selloff happened so do not expect it to go down easy.
Like the other stocks pay attention to the RSI here. WEED between 86 and 90 have seen the same drops as the other MJ stocks mentioned previously. At 10:30 on Dec 29th WEED was selling at 33.25 and by 12:30 it had hit 24.00. Again not a trend changer however these can be avoided. I may by in for quick buys here and there but for the most part ill be out until this happens. It will rebound after and you should see a new high but it still has that 34,50 ceiling from the BMO deal.
Watching WEED for break of triangleVery nicely defined symmetrical triangle on WEED. Watching closely to see if we are heading into a bullish run going into summer legalization.
100 day MA vs 10+ daily supportsWeed is in a battle with the 100 day MA at 28.25 (formerly 28.50). We have taken 6 runs at it in the past week. The good news is every time it rejects the share price drops less and less. We now have a solid support around 27.70. I chose the 15 min chart to show you the candles. Expect WEED to come out flying. The final 45 minutes seen some major green followed by an attempt to push it down to 27.60. That was quickly bought up. When you see a green candles followed by that final candle it means the bulls are in full control.
Battle to start the morning. Bonus TA 101 on this. A nice sideways day to help with this trend. We are looking for higher highs and higher lows to get out of this down trend
To start the morning we need all hands on deck! The yellow line and yellow crosses are the 100 day MA. We have bounced off of it on the daily 5 times in the past. The good news is if this breaks it will become a support. This is at approximately 28.30. 28.50 is next however I feel if we have the 100 day MA boosting us we should be able to break it. Then its a free ride to 29.15 which is our last big resistance before this bad boy can really run.
Right now we ended in a very tight channel. The light blue line is our trendline which as you can see is pretty solid as it has held 5 times in the last 2 days. The day could be won or lost first thing. You have support at today's close 27.66 and resistance at 28.00. Whoever wins this battle should decide the day and maybe even the future. Nothing else really matters SPY Futures looks good, RSI healthy on all timeframes, Bollinger Bands looking good and Mac D is as healthy as it gets.
I think the trend wins this one but be cautious first thing if we lose the 27.66 and bounce off it. $27.00 is the more than likely the next stop.
Collision course with 100 day MAWeed is looking Really Strong today. We still had to give some blood after the SPY's poor close. Early on we had a direct correlation with the 30 min chart on the SPY. However when the day went on when the SPY went through some mini dumps we didnt even budge. When we finally broke that 26 will we took off. Tomorrow we will meet a similar wall at the 200 day MA. We tested it once and couldnt hold. We should test again. Key spot to watch first thing in the morning if we gap up or blast right through expect a green day. If we bounce expect a sideways day or maybe even a little pullback, Next big resistance is 28.50 and finally 29.00. If we break 29.00 we should rocket straight to 30.00 as there is little in the way from then on. 30.00 looks like breeze all the way to the 100 and 200 hour MA at 30.80 and 31. As long as the market stays out of the news in a negative fashion I am optimistic for another big run.
Keep an eye on that channel a break in either direction could see a big impulse move.
CANOPY GROWTH CORPORATION - DAILY ANALYSISCanadian ganga stock I'm monitoring.. might get into it if it gets below $20.. ganga is expected to become legalized by July 1st here so I'm interested to see what happens..
Broke upward trend line and fallen out of the triangle.We have officially fallen below the upward trend line and out the triangle, stopping right at the 50% Fibonacci retrace, which was to be expected. From here, there is not much left for support. We could bounce and come back into the channel, but a re-test of ~23.75 is more likely, and subsequently a re-test of the 38.2% Fib if support cannot be found there.
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Expect a good open...Bottom fishing in effectI said yesterday WEED would battle between 27 and 28 with the winner pushing it back to 29 or sending it to the 25. Losing 26 caused the whole MJ sector to dump. Looking at the hourly we closed right around a nice hourly support and also have 9 days in the past where this had touched and bounced in the past. Volume kicked in bullish big time for the first time all day with 3 minutes left. I think this is for people piling in to get a chance at a nice bottom fishing play. Should see a good open because of this. Note: We may see 25.50 then a rocket of volume as more and more jump on board for the bottom fishing play. Other than that play I dont really see anything that would make me want to hold this long term. The good news is another RSI bounce is in our near future which may finally give us the turning point WEED needs. If not and its a red day there is a whole lot of nothing until 24.15 (weak) and 22.00 (Strong) and finally the 200 day MA sitting around 20.00.
Note if this is the bottom we have been looking for then $30.00 should be back on the table in the near future. You would like to see this break 27.50 on the daily for this to be true.
Looks like we will see a decent open... Potential bottom fishingI said yesterday WEED would battle between 27 and 28 with the winner pushing it back to 29 or sending it to the 25. Losing 26 caused the whole MJ sector to dump. Looking at the hourly we closed right around a nice hourly support and also have 9 days in the past where this had touched and bounced in the past. Volume kicked in bullish big time for the first time all day with 3 minutes left. I think this is for people piling in to get a chance at a nice bottom fishing play. Should see a good open because of this. Note: We may see 25.50 then a rocket of volume as more and more jump on board for the bottom fishing play. Other than that play I dont really see anything that would make me want to hold this long term. The good news is another RSI bounce is in our near future which may finally give us the turning point WEED needs. If not and its a red day there is a whole lot of nothing until 24.15 (weak) and 22.00 (Strong) and finally the 200 day MA sitting around 20.00.
Weekend Weed StocksLooking at the Charts ACB and APH are in much worse Shape than WEED and Chron. WEED lost both its 50W and 100 day MA though. You are going to want to see it break 28 again and hold on the daily.
You could see WEED and Cron Recover and APH and ACB and APH fall. TBH i wont trade until i get a clear signal Monday. Overall sentiment is down but SPY seems to be holding. We held up well Friday vs the declining SPY but we could be playing catchup Monday Morning.
ACB (200 day support 6.25) APH (support $10.00)
WEED
Expect a battle between 27 and 28. Winner will send it back to 30 or down to 25
CRON
Sitting on support from Tuesday. Could see it retest 7 however I feel like it might be the strongest.
SPY looking ok right now and Monday morning will tell the tale if we need to still play catchup on Friday's late dump or if we are going to head back up with it.
Tomorrows WinnerNailed ACB yesterday after seeing it Lag behind the rest in terms of recovery. I expect this out of WEED tomorrow. A gap over that 28.50 mark will see this baby run quite a bit. 29.12 could be trouble (FIB sticking point and the Previous high) but if we can get a clean close above it on the hourly I think We see 30 tomorrow. This stock is also correlating with SPY however not as strongly. The Spy is a great indicator for WEED stocks if stays healthy so will WEED.
I bought at close I am playing a Gap up to 29-29.10 and selling rebuying after I see it retest that 29 level and hold.
Good Luck!
WEED bounced off upward trend line, can it hold 200MA?After the correction and a trace all the way down to 25.34, we can see that it closed twice right on the current upward trend line and bounced. It is currently holding above, in the support and resistance channels that I have drawn on the 4H. Conviction does not look very high however, as it was looking to come back down again, but it got rejected just above the trend line. Hopefully we can close and keep it above the 200 day moving average, but a retest of the upward trend line or new support is definitely possible.
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Smooth Sailing until $28.91Beautiful upward trend with nothing in its way until 28.91. If SPY futures are good tomorrow morning I think this stock Gaps over 28. The Fib says minimum $29.00 on this recovery and perhaps even more.
WEED still way out of sync with cannabis sectorWEED still way out of sync with cannabis sector, as we can see compared to HMMJ.
WEED would have to be $21 to catch up to HMMJ
Incoming second correction wavelooking to breakdown bear flag into final corrective wave, took a lot longer than i originally anticipated but it will come.
short then long into buying opportunity
