WEED trade ideas
WEED.TO tightening range on watch this coming weekWEED.TO After retracing .5 of the move up from the low of consolidation before the constellation news to recent all time high, I'm now watching for a lower high to be set somewhere between $64-65 range. If we get a quick push up Monday to that area I would expect enough profit taking to have us looking back down to find a new base of support above Friday's low $52.80
Long position: WEED. Good morning Traders!
The last candle on Sept 14 had a low of 52.8CAD. It landed right on the 61.8% fib tool. This usually signals that the stock has "breathe", and it is ready to continue going up... meaning the bull run is not over yet. WEED's new all-time-high reached 74.45CAD. It is currently sitting at 61.52CAD at the time of writing this idea. Moving averages remain bullish and RSI is in the neutral zone.
Personally, I would enter this position but the opening price has to open above 50% of the candle's body from Sept 14. If it does, I will enter a long position with a contract that will expire after October 17th. I speculate that the bullrun will go a few days before Oct17th. The dump will then happen the day before, the day of, and the day after the 17th. Once that happens, I will then enter a short position and ride it out until it hits the new support which was the previous resistance(upper blue line).
I stalk these charts day and night. I am BALANAR!!!!!
back test. Bullishbullish back test of prior resistance here. Could be a set up to 77 $WEED.ca $CGC $CRON $MJ $HMMJ.ca
still uptrend: big bicturea little more exponential than i thought. 1st red candle on weekly (for now) in 9 weeks. Holding calls $WEED.ca $CGC $MJ $CRON $TRLY
Will we see 80 by November?We had the pullbacks as expected. (a nice little short).
Now it appears we may have another small pullback forming or more likely, just a consolidation.
Then our final push to 80 bucks by Oct 17th./Nov 1st.
Then as we enter the November profit taking season I would think we would see a strong pull back to 60 zone.
Long term (Months)
A solid investment, buy on the dips.
This is purely opinion, and opinions are expensive if you marry them.
The market has an obvious bullish bias, and I don't expect that to change anytime soon.
I use trend channels as guide to help me take advantage of swings and price movements.
As always, never risk more than you can afford to lose.
I am not a professional trader, just an average guy looking for opportunities like the rest of you.
The Runs Not over - Strong Rebound over the next weekSpooked by unconfirmed reports of a spookster that stated, The US would not allow Canadians who smoke, invest or do business with a Marijuana is a falsified claim. Stocks will rebound and rebound hard they will. Within 2 weeks time, we will be retesting 52 week highs leading into legalization. Strong bullish bounce coming in the morning.
WEED could see some consolidation before surging upwardsAs WEED is the primary driving force in the sector, its performance is important for everyone else in the cannabis space. Baring any huge news events, some consolidation is likely (but not certain) next week for most cannabis names.
My thoughts are outlined above. The cyan lines represent potential price trend and action heading into legalization, but this could change rapidly depending on news events. I wouldn't be surprised to see a ramp-up of announcements heading into the big day.
Use your own judgement before investing and always use a stop-loss.
Short WEED/CGC based on ascending wedge resistanceChart is self explanatory - we are at resistance inflection point. The stock has had a huge run up, the higher probability odds is that price retraces down to $50 area prior to the next leg up.
Retracement Probable on Tuesday.AO is showing downward trend, RSI has little room to the upside, trend is bearish as is trade volume, short term indicators on daily, hourly and minute charts showing same patterns. 52 point indicators along with media announcements r/t MJ industry are showing over hyped evaluations. A break above 62.83$ is required for continued trend. Special news announcements will be needed for this to continue. Currently recommending a short sell.
Weekly hanging man on Canopy Growth CorpWe'll probably see a red week next week.
Spetember is usually a bearish month for stocks.
The good new is that in Oct-Dec stocks perform great.
Holds support or drops 40%If this holds support at the top red line bullish could continue to break out. or drop 40 % like in Febuary
WEED back within an old narrowing ascending channelWEED.TO finds itself back within an ascending channel, for the first time since losing it June 26th. Indicators on larger time frames are getting very extended as the price level tests the upper limit of the channel, and while the price is at all time highs and running on both hype and news, I do believe at least temporary consolidation is in the very near term future. That said, I expect this reentry to be rejected and for a new support level to be found.
WEED - Another bite at the apple, not that kind of apple.....PRZA new PRZ gives another chance to enter this trade. Still targeting long term target 58.
Canopy growth getting toppish hereCanopy growth has reached the top of its channel and fibo projection. It is also completely overbought all time frame. We are expecting a pullback over the coming days and weeks.
Previous support now resistancePrevious support trendline from low of the February dump on WEED that formed the base of the ascending wedge in March 2018 became a new resistance at last all time high in June 2018. That trendline is being approached again on this current blue-sky breakout, and will be one I'll be watching as the days go on. This trendline looks even better on the weekly chart
TSX:WEED Bulltrap?Cormark Securities raised its target price for Canopy Growth ( TSX:WEED ) to 40 Canadian dollars from 33 Canadian dollars on August 16 while Cowen & Company raised its target price to 56 Canadian dollars from 48 Canadian dollars. Based on the last several months, I wouldn't be surprised to see a short climb before heading back down. Would consider a 40-42$ setup in the next few weeks before heading into October.
