WEED trade ideas
WEED - Waiting for a Buy Set-Up After a few days of weaknessWEED - Don't like the negative divergence on the MACD and DMI dating back a few months.
But, will be eyeing how it trades on the retest of the Bull Flag. Weekly still looks bullish if we can get daily charts and technicals to turn back up.
Right now a hold, with no bias.
WEED weekly analysisWEED
WEED is in a broad bull channel with good buying pressure and no strong reversal yet. The bears recently attempted to form a lower high, but prices are stalled at the EMA and set up a nested high 2 /wedge bull flag. The bulls have a breakout gap below around $47.50. If it remains open, prices will likely test the all time high. A new all time high could form a wedge reversal down, at which point bulls will likely take profits and wait for two legs sideways to down before buying again, unless the reversal is strong.
WEED/CGC breakout BullflagCGC/WEED is moving toward previous resistance, $64-65 has been the territory of many false breakouts. This recent catalyst that reversed the downtrend may allow it to move past previous resistance, Merill Lynch initiated coverage of CGC/CRON/ACB, also at the same time CGC bought Acreage Holdings which was 3.4 billion dollar acquisition.
This was a big catalyst but more so was the Merill Lynch coverage it spawned a huge interest from new investors. Big volume event with 4x normal volume.
I will purchase options if it beats $65 and sticks. Target is $74 for me. Probably going to play this with a Debit Spread $5 apart. 6 weeks out.
Lets see how it plays out.
Paper trading this event. This isn't trading advice just a journal on tradingview.
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.
