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Canopy Growth Corporation

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CGC trade ideas

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.
NASDAQ:CGCLong
by dRends35
24
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
NASDAQ:CGCLong
by the_sunship
2
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.
TSX:WEEDLong
by greatful-me
2
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.
TSX:WEED
by ScotianBot
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.
NASDAQ:CGCLong
by mukit1
7
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.
NASDAQ:CGCLong
by chinawildman
10
Big technical support for Canopy growthFundamentally I feel like the marijuana market is attractive at these prices, I started calling the market last week and now I'm looking for individual stocks to *Invest* in. I dont trade stocks. Quarterly: Currently at a price range that has acted as big support and resistance in the past on the longest term chart we can look at on this asset. Monthly: I applied the fib retracement tool just to highlight that this stock has been dropping like a rock without looking back for several months and even a modest pullback to the first resistance in the down trend would still net us a 100 percent profit. Weekly: Just reverting to the mean, (200 week moving average,) we more than double our investment. Daily: Trend line breakout and I also like that momentum bar on that breakout pullback. Look closely, price broke out on the 16th and 17th, pulled back to test it on the 20th, then boom no tail on the next candle, no wick at the top either, buyers controlled that entire day. Thanks for reading. Like and follow! I follow back and toss coins!
NASDAQ:CGCLong
by Chad_McDeid
2
IT'S TIME TO GET HIGH !! LET'S GET A BOUNCE !!!Whats up traders, investors and the moonboy Jimmy's who buy meme stocks with there Stimmy's. Here is a change of pace analysis on Canopy Growth. I mostly do crypto, but I noticed this chart and the blood that has been in the streets with this sector. This is just an idea people and i'm not saying we are heading to the top of the wedge next week, however past evidence shows that CGC might be trading within this wedge. We have not been this oversold since the last time we bounced and went to the moon for 9-10x gains. I like CGC and I believe that if this sector ever takes off, that Canopy Growth will be one of the leaders in the industry. When I see a stock that has been beaten down like this one that has high's of over $60 and now I can buy a good company at an 80% discount when indicators are showing me that a bounce could happen, you bet your ass i'll be buying. Even if it loses support and goes down into $4-5 range, I will be DCAing. On this idea, wait for volume to pick up and then make your own decision on whether you want to buy this stock for a medium to long term hold. This is not financial advice and just a hunch that I have. Happy trading!!
NASDAQ:CGCLong
by mfibbs
$CGC approaching a major support level, demand zoneWe also still have the Republican legislation bill that is still in motion, initial reports of this bill were on the 15th, but no news yet on when they expect to vote on this bill. finance.yahoo.com Today, noticed a 12 Put sizzle index compared to just 1.7 on Calls.. we expect to see a move down to the green buy region. When CGC announces new CEO and key executive leadership, this will create a bullish catalyst for a move higher.
NASDAQ:CGCLong
by attiladaahun