WEED trade ideas
CGC Why NotOvervalued as can be, but brilliant marketing will always pump this one with the broader industry. I was looking for a pull back to go long, as I didn't have a position from before, apart from some gains from individual trades. I bought into weakness today, lets see what she can do for me.
CGC retest of downtrendWonderful retest at panic selling yesterday. Found demand exactly at the diagonal.
That said, who remembers my bearish stance on $CGC, just 6 months ago, I predicted that we should wait for $CGC to dilute their float to raise cash. Yesterday announced issues of common shares to raise $2B.
How will investors react? Their market cap is ridiculous, don't think they are raising cash to buy assets. They need this money to survive.
Cgc down till earnings My observation of $cgc
All the news of pot stocks is only good news for who ever comes out with the next approved medical use.
It's great news but companies are not close to getting fda approved let's say this month so that is why I'm calling short. I bought 3/05/21 43 puts
And bought 2/12/21 43 puts
If it does breakout tomorrow I will sell all.
Futures are looking bad for the night so looking for a sell off tomorrow.
Timing Exit of $CGC Dip: Profit-taking on PutsThe entire corporate cannibus industry has really crapped the bed, along with most other sectors, over the last two-wks.
Those with long puts could have already successfully taken profit, as it could find support at the bottom of the highlighted (maroon) target range.
Those with puts should be plenty green, but there likely will be some support near the bottom of the target range due to the long-term potential of the industry and CGC itself.
-BDR
CGC- Longing for the next sub-5th wave. CGC upside is not over despite an island top reversal. We are aiming to long at the daily demand before we miss another chance. High reward low risk.
Canopy Growth LONGLet's go higher after the drop. It seems like a good opportunity to enter for LONG HOLDERS.
ENTRY LEVELS LONG:
$48.77
$44.30
$34.87 STRONG BUY
CGC Starting a count here.Broke out from a large base, should still have some juice in it. Target around $75.
¿The bottom of the correction?Apparently CGC wants to look for support in a zone around 0.67 Fibonacci, but is this support reliable?
Looking at the indicators, an entry at this time would be premature and therefore risky.
We will wait for the Elephant pattern to fully develop, entering one of the two situations shown on the indicator.
Better to also have the support of Zenith and Change Index, observe your situation in the best moments of purchase
Governments around the world will soon officially "sell" weeds notes from BOA Global Research before its earning on 02/09:
" FY21 has been a transition year as it resets its strategic focus, rolls out a new organizational design and implements operational and supply chains productivity prgms. We look for a progress update on its reset, COVID’s impact on its business, strong growth in the value segment, along with a review of its cannabis 2.0 pipeline and thoughts on US legalization. On Nov 20, mgmt indicated its plan to provide medium-term targets in 3Q21 results in February."
CGC Round DownCGC has shown very bearish sentiment and is looking to complete a rounding down formation to the 50 sma. There is also support at the 50sma around 33.5. The weekly chart also shows bearish shooting star doji, which could be a negative sign for next week. I believe this will continue downward over the next several trading days.
$CGC 2021-FEB-17𝐈𝐬 𝐂𝐚𝐧𝐨𝐩𝐲 𝐚𝐛𝐨𝐮𝐭 𝐭𝐨 𝐠𝐨 𝐮𝐩 𝐢𝐧 𝐬𝐦𝐨𝐤𝐞?
The news last week was largely about the 'wallstbets effect' that was taking place in the weed stocks; and while a lot of that is true - it misses some underlying truths about what was happening in the sector last week. It's biggest other news event last week was the CGC earnings report. While the report was mostly similar to their previous earnings reports, it did point to a belief that many long term holders believed in. CGC is closer to profits than many people realise. Now those profits won't be next quarter. They probably won't even be next year. But they are trending in a direction that should confirm their standing as a powerhouse in this sector.
From a technical standing, once the noise washed out, we saw a return to the middle of the rising channel. To keep the candles within the channel we are using an extended +/- 3 bound compared to the usual (and preferred +/- 2). This increase in the bounds suggests that this is more volatile than more mainstream stocks, which makes sense given it is an unprofitable company in a niche market sector.
The pullback at the end of last week also saw a significant drop in the daily RSI. This has set up a hidden bullish divergence against the spot price - which has not fallen as far.
Volume remains up, with on balance volume favouring the bulls right now.
Overall, if you are an aggressive trader; this is a solid position to look for entries - if you are willing to absorb the potential ~15-20% downside. For the more cautious trader, prices around the $36 range (if that happens) are a bargain basement buy - but you may miss the boat and need to wait for the next trip.
CGC: How to trade it!We are still in an uptrend. However, if we fall below the first support line then we could see it fall to $37.35 then bounce off the strong trend line for another try up.
Plan A: I chose to use a Pennant style pattern here(Cyan Color) So if the stock moves above the top of the pennant then we should see a breakout. The top of the channel is $48.00 so it is possible to see it go there.
Plan B: If we fall below the bottom support I see us slowly going down to the $37.35 mark. (See the orange line on the graph.) Once we hit this mark this would be a good buy in point as this is a strong support trend.
CGC - money really does grow in the canopy!Buy the dip.
Just wait for that buy signal to fire and go long. Additional confirmation is the macd cross while stock stays above 200ema. Cheers! Grow!
“In forest ecology, canopy also refers to the upper layer or habitat zone, formed by mature tree crowns.”
Which Cannabis Stocks make you more High..?It is obvious in the last 6 months a new trend started in most cannabis related stocks and most of them rewarded Theron shareholders with decent rewards..!
The front runner so far was sundial grower with +440% gain in last 6 months followed by Tilray, CNN, and Canopy.
In my view sundial and CANN can reward their shareholders with higher profits not because they are fundamentally better companies, but because of their lower market cap..!
The question is what kind of experience are you looking for???
This is just my technical view, and I wrote this because I see these stocks gaining momentum..!
I don’t promote any cannabis consumption by any means..!
Moshkelgosha
Corrections in the Cannabis Markets (YOLO / TCHX)If you are betting on teh weed stonks like me, we are having a rough day. Everything has been running hot this week, so I'm expecting these downspikes to bounce off of support points from earlier in the week.
Keep hodl on these for long term. This fall Connecticut is likely to vote in legalization. New Mexico, New York, Rhode Island and Virginia also have legalization measures on the ballot.
www.marijuanamoment.net
We're extremely likely to see more legalization in more states over the next few years. Cannabis legalization is polling higher than minimum wage increases:
www.marijuanamoment.net
We are at an interesting area to stack some shorts at.We got some bad earnings reported: Lets see if we can get a bearish retracement from here; stops above our resistance.
CGC: Bullish Pennant, confirmedBullish Pennant, confirmed.
Pros:
Descending volume during formation
Volume increase at break out
Golden cross in blue
PPS above 50MA and 200MA
RS above 0, and ascending
ATR Ascending
R/R ratio above 10, high
200MA ascending
250RSI above 50
PT = 66.58$
CGC the money burner
The leader by market cap and by quarterly losses broke out from downtrend. We should expect a retest at some point. Current price action looks corrective.
