WEED trade ideas
Selling the cannabis bubble Here we can see the beginning of a large sequence to the downside in many cannabis stocks. I am going short across the board here as the sector looks very soft and recommending all to write upside volatility or simply short the common stock for infinity.
From a technical perspective we are struggling at heavy resistance and beginning a new sequence to the downside.
Sit tight, the global downturn is coming.
My Idea on Pot StocksEverybody and their brother has already bought pot stocks. Theres thousands of companies out there that were founded in much earlier, and still have the same or fewer amount of employees and growth. Sure, If you got in at $25/share, that's somewhat more reasonable, but In my opinion its overpriced and overbought for a small company.
When you start seeing such advertisements online, "BUY THIS MARIJUANA STOCK FOR CHEAP! BE A MILLIONAIRE!." It's too good to be true.
Don't waste your money. Good luck.
CANOPY - Possible BULLISH Pennant breakout to new highs of $80Trying my beginners luck on my first post on stocks. I've been watching price action for Canadian weed stocks the past few months and it is now
finally breaking out of bearish bias, especially Canopy.
BEFORE entry, please look for confirmation on candlestick patterns or price action at important S/R lines.
If this chart helped at all, leave a like or follow.
I would love any feedback/advice about my chart to correct any of my mistakes and learn more about TA.
DISCLAIMER: Not a financial advisor, I don't suggest using my ideas for your own as I am a complete amateur for TA.
Good luck to everyone!
Canopy Growth BreakoutAscending Triangle. I drew a symmetrical triangle here a month ago didn't work out. Seems like there wasn't enough power to push it up.
The recent FED meeting pushed the SPY to new limits. Everyone is very bullish now.
Canopy may push through to new highs within the next week.
Buying a few calls to go for it.
Weed looking weak on daily, broke down pennant Weed looking weak on daily, broke down pennant. Waiting for USA banking vote, moved down on CRON earnings past 2 days, CTST had bad earnings too. Will wait for 50% Fib retrace and see if markets roll over. Good luck!
WEED STOCK Il y a plusieurs signaux d'achats et de ventes. Apprenez a les repérer pour gagner à la hausse et à la baisse.
weedweak at least levels suggest price will come towards 50$ range - it just can't above 65$ not enough buyers showing up..market profile suggest 50$ at a naked VPOC to come test and find buyers 15-20% drop very possible here will probably affect whole cannabis sector which is pretty much overbought anyway
CANOPY GROWTH CORPORATION - CANADA STOCKWe are in wave 5 of Elliot theory.
Wait for dropping and buy in lower point (Buy zone 1 and 2)
All another analysis in the chart, good luck guys!
$CGC: Bullish Pennant break out? ready for BLAST OFF!We are currently in a bullish pennant and I believe we are going to breakout to the upside. With the hype around the cannabis sector, it's not likely we will see a major correction before hitting all time high. Weekly Ichimoku cloud also indicates that we are in bullish trend for weeks and month to come.
Be patient and manage wisely :)
This is an analysis, not an investment advice.
Canopy GC: High return long term investment.Canopy Growth Corporation is on strong long term bullish price action both on 1W (RSI = 58.856, MACD = 4.873, Highs/Lows = 2.6189) and 1M (RSI = 66.122, MACD = 12.099, Highs/Lows = 7.3414). Since mid 2017 in particular, it has been trading on Higher Lows reaching +1000% in growth. Using the Pitchfork to identify the pressure zone, we estimate that the asset is close close to a bullish accumulation point (Higher Low). Out moderate Higher High target is 110.00.
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WEED> ShortCanopy short as ACB steals participants from CANOPY GROWTH, the stock is starting to slow down.
If the SPY becomes bearish over the next 2 weeks and retraces or even without this motivation it may start to become more bearish as more investors move to ACB because it's rallying. On the flip side Canopy may also rally as ACB drives the market higher but the move will be weaker. Analysts are pushing this to stay up as people are buying up the stock over $60.
Target $50
Max Loss $300 total, if it moves above $65.
A strong bull on what to do next.Judging by the very strong signals i have received (from charts and spirits) I believe this projection has approx. 94.348% chance of being correct. In simpler terms for you guys, WEED - through the moon.
Watch Triangle Breakout in WEED.TOCurrently long on a "front-running" trade for this triangle pattern. (vantagepointtrading.com)
After a strong run higher prior to the pattern, looking for a continuation. Will be watching for confirmation with a break higher out of the pattern, and may add to the position at that juncture.
There are two targets posted. One is very conservative just in case the sector doesn't move up or the breakout is weak. If the breakout is strong (strong price move with strong volume, and the sector is moving up with it) then will be looking for the higher target.
SHORT CGC RUN!!!Run for your life... JK
In all seriousness this stock is and has been overvalued for a very long time. Charts starting to reflect this.
With the failure to break ATH weekly close its starting to form a double top formation.
Especially with this weeks candle opening below last weeks red candle it is adding to my confidence on the short.
Ultimately the target is as highlighted in the chart but it is reasonable to take profits along the way.
I will update the chart throughout the weeks.
Cannabis Industry 2 Year GrowthThe cannabis industry has seen massive 2-year growth. Three key factors that have contributed to this growth are; the legalization of cannabis for recreational use in Colorado and Washington 5 year ago, the legalization of medical cannabis in many US states, and the legalization of cannabis in Canada having the biggest and most recent impact on industry growth.
Mexico is soon to join Canada and Uruguay with legalization.
WEED Symmetrical Triangle BreakoutAfter a few weeks of watching canopy and trying to short it. I've become convinced its going to produce a similar breakout from the previous rally.
Jan 9th > The first breakout started. Support began then the crowd started to rally and it produced substantial gains for longs leading into the next congestion phase.
Jan 14 - Jan 24 > The Bull flag congestion print which held selling volume and built up buying pressure to move it to a higher point.
Jan 28 - March 7th > Symmetrical Triangle Breakout - Jan 28 hit a top then 67.99 Feb 4th. Earnings were on Feb 13 which showed poor EPS however revenue was stronger than last year which is what captivated the crowd. The continued support is due to the sentiment of the overall market. Participants believe its going to the moon. April 1st stores open. There is a good reason to be optimistic about WEED/CGC and the market in general. (Fluff) Feb 15 was light due to ER mixed feelings of poor EPS and high revenue from prior earnings.
Hit a support level of $56.49 on Feb 25th. My target is within a few weeks for this to breakout like it did in October. Similar formation has formed. There seems to be strength behind canopy still. I plan to make this a mechanical trade and stick to what I've listed below.
This is my analysis I think there will be a breakout happening shortly which will push it into the 70 levels in the next few weeks. This isn't trading advice just my idea.
Call Contract expiring March 22nd Cost $3.45 Per contract. Target is $74 3 contracts
Stop price is $2.2 Delta is 0.53
Full sell of all contracts at $56.50 as this is support if it breaks then my trade is wrong.
I think Canopy Growth will retest its support in the coming week
I think Canopy Growth will retest its support in the coming weeks. Much based around the accounting error and no short term catalyst to move the SP higher from a already high SP, price near ATH. I think Canopy Growth will find support around $48-55 Cad or as low as $40 Cad, depending on more factors then only Canopy.
And with positive news around the Cannabis market not having a significant impact on the share price, i believe it impact the sentiment to become more positive towards Cannabis market, see it with a little bit less risk.
And with risk in mind, i think most well known companies have there share price reflecting the risk in the market rather then the potential of the market.
When the shift comes from investing for the potential rather then the risk. I think the good companies will have lower volatility and a steady SP and healthy technical moves. Rather then this risk investing climate, with high volatility, fast up and down moves and SP destroyed in a couple of days/weeks.
Based on the belief stated above, i think the SP will move down from 60 range to 40-50 range depending on sentiment/ things unknown to me.
And from there trade in an range until a leg up or down, or a shift in the sentiment.
Canopy Short 2nd Top Lower HighPossible Swing trade leading to support at $56. Small position.
Journal entry. Stop at 62 $80 loss.
I will wait to see how it responds to $56 if it bounces I'll change direction and go long if it fails add to my position
40 shares only if it passes support adding 100.
Testing smaller positions based on right sizing my trade against the average range from similar volume ranges. $2 price move into $80 is a good position for my stop
And the bubble popsTime for investors to come back to earth. the bubble is very likely over. This last short squeeze rally has almost surely proven that. Getting ready to buy at very low levels in the coming year
