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WEED trade ideas

Consolidation station.It is looking it will consolidate for quite some time, however, they have just acquired the license for a facility in Aldergrove B.C. It will be interesting to see if it remains bearish during the primary phases of that operation. There's an indication it might retrace the .236 Fibonacci, where it intersects the upward trend line at this point, because support has already been established twice there. Hopefully it bounces off and keeps going in the right direction.
TSX:WEED
by BTCanadian
WEED on track long-termWe're currently bouncing consistently off the long-term trendline, and I expect this to continue on our slow and steady consolidation. We're seeing decreasing daily bear volume... so I would expect a bump up come Monday-Tuesday, to continue our slow and steady upward trend. I'd look to see money flowing back into the sector come late-March - April, as smart money wants to get in before the inevitable run-up to legalization. If the trendline breaks significantly, I would expect a further move to the downside.
TSX:WEEDLong
by DuncanMcGillivray
WEED Fib RetracementFirst chart ever, so take it easy on me. I'm looking at the Fib levels for the crazy run-up WEED saw around the new year. It seems we tested the .382 multiple times before ultimately falling through, and it is now acting as resistance. We've seen several tests at the .5 level and I think we will fall through and have to test the .618 level as well. The dotted green trend line shows where we would be if we had continued on the trend since last year's major consolidation, prior to the big runs we started seeing in September and then the huge ones in November and December. This line ultimately converges at the .786 Fib level in June, which incidentally is about the time the consolidation ended last year after similar bull runs around the new year. I don't think it's unlikely to see WEED trading near $15 again before legalization hits, and then let the bulls take over in the month or so prior to the big event. I'm certainly not encouraging anyone to make any decisions based on this. Just an idea. Reposted several times as I'm still trying to figure out the ideal display so the chart's not so cluttered. Sorry about that.
TSX:WEED
by alexshouse
HS pattern in strong downward channel - WEEDWeed has formed an almost complete head and shoulder pattern. It formed perfectly within the strong downward channel (green dotted lines). I expect we are going to see price falling at least towards 23.5 but most likely towards 21.4. If that last called scenario is confirmed a descending wedge is forming with the purple line and green dotted top line of the downward channel. IMO this could lead into an upwards breakout and a turn around into some bullish price movement. I'm learning. Please let me know what you think of this analysis.
TSX:WEED
by brunskovic
6
Price action critical pointWEED has been in a downfall since the bubble burst on pretty much every weed stock there is. Now it how made a consolidation pattern and is shortening its price range. In the coming days we will see where it breaks and what this will be able to tell us about possible future outcomes. A lot of people think that bubbles are a bad thing. But they show that the interest of the general public has already peaked but historically, every bubble has been followed by another strong bull martket. This is a shortterm short and I will defenetly be going long on the marijuana industry in general when it bottoms out because post legalization run will be crazy.
TSX:WEEDShort
by MysteriousPersian
WEED, Bull Open --> Short Play MiddayExpect a bullish open, from bullish market continuation on the S&P500. However, fully expecting RSI to become overbought after the bull open. S&P will cool-off, and WEED.TO will begin its sell-off. Step 1) Ride long on the bullish continuation upon open. Look to short from of the top 3 levels as labelled on the chart. Enter when MACD shows bullish momentum slow, preferably with a crossover, and RSI in the overbought zone. Step 2) Short from these levels, and look to cover between the .38 - .61 range. Must look to S&P500 for signals to cover. Watch MACD for slowing bearish momentum. Always keep your eye on volume, and avoid any weak moves in either direction. Good luck! TSX:WEED
TSX:WEEDShort
by Orro3790
1
WEED.TO Bear Play for TodayTSX:WEED I believe we will open with a sell-off because: 1) Key support broken on the S&P500. 2) Increased bear momentum upon close. 3) Incredibly bearish maruboza candlestick on the daily. Looking back at our daily chart, we can draw a fib retracement from our most recent main leg down, to our low on the 5th. We see that yesterday we bounced off the .68 level. Interestingly, almost every other level has been respected as well. Look at how the chart lines up mostly noticeably with the .21, .32, .62, and .78 levels. There's always the chance that it opens green. But, assuming bearish momentum carries forward on today's open, we can make several educated targets. Short Target 1: Yesterday's support level. Short Target 2: Prior support, using levels established before January's run up as well. Short Target 3: .78 A fib extension, produced from A--->B. This represents a -10.64% move from yesterday's close, and would definitely be best case scenario, and final target for locking in profits.
TSX:WEEDShort
by Orro3790
3
$WEED Prediction for today / tomorrowLooking like bulls will try to buy it up end-of-day, forming an "evening star" on the daily. This indicates indecision, as Canopy's float was traded over $30.00 before Friday's sell-off; however, based on my hypothesis here, I think that this may mimic the move on 2018-01-05, where after a similar candle was formed, CGC made new highs. One of two things will happen tomorrow: 1) big green candle upward tomorrow, reaching for $35 2) retrace back to $25.00 area before the ticker makes another move at resistance More information needed! Still learning the chart game, so thank you for reading and advising :))
TSX:WEEDLong
by GreenKnight
7
WEED perfect fib boucesWow volatility is CRAZY!! making fib bounces within days. Not wasting any time hitting targets! Target for WEED reached at 30$ retracing to 62% fib. Now hopefully a short back down for the final correction wave from the ABC pattern First target pickup is at 21 again, second is at 16$. Good luck and remember to take partial profits in case in keeps running upwards, WEED could very well keep going to 35$ but don't fomo, patience is key, it will come back down again before legalization.
TSX:WEEDShort
by MysteriousPersian
22
Weed week of Feb 4Looks like using Fib, we can see it hit those fib levels on the way down at 38.22, 30.51, 27.33 and 23.4 level. Usually with these many drops, there will be a high probability of reversal back up to the upside Now, looking back at what happened in November 2017, it looks like we had a similar drop. History may repeat itself so we will see what happens. When you look back, we had a similar fib but this current fib has a way bigger massive downside than the on in November 2017. There is a chance it could go down to 17 dollars too but the chances of that is not as high as it would do a bounce upwards. There is no new news in the industry, so basically people are going to trade by technicals and their perception of future earnings in the industry at this point forward until some big company deal, earnings report and/or government headlines pushing it in some other long term fundamental position. Disclosure: I don't own the stock but have a put left which I may sell soon for a profit.
TSX:WEED
by cannukville
4