WEED trade ideas
Bullish descending wedgeAfter we have seen some cooling down on most of the cannabis stocks I think we are about to see some upward movement again.
A nice descending wedge has been formed with 3 points of good support at 30CAD. For me this might be the sign the wedge is bullish and we will see upward momentum again as soon as the resistance breaks. In the upcoming days you might see some more testing on the support and resistance levels before this happens.
I'm learning. Please let me know what you think!
WEED - Gartley Bearish Bat ?Potential gartley bearish bat formation in play
short term bullish until end of the month, with a potential bearish reversal thereafter.
42.50 PT
Support Bounce Up Entry for WEED tomorrow on Jan 26, 2018Short term:
Price closed right at $31.69 Fibonacci support area today on Jan 25 2018.
Potential support bounce up entry tomorrow on two supports: Fibonacci as well as 30 DMA.
If price breaks below support, next support $27.91.
Long term:
Strong up trend with a pennant pattern forming recently.
Long on Canopy. Strong bullish trend.We are approaching the same point as last year, canopy made major gains in November 2016 and December and then receded into a correction followed by a bull trap in February 2017 and subsequent spring-summer downward selling pressure. The reversal we saw from the summer prices was due to canopy performing and executing on their plans. The days of heavy speculation (early 2015- mid 2017) are ending and the volatility is reducing in degrees to more friendly levels, which in turn is bringing in new interest from baby boomer generation investors who seek stability and manageable growth as well as institutional investors who are more comfortable with the industry now compared to two years ago or even a year ago. Industry wide positive catalysts ( supply deals, expansion completions,mergers) , increasing institutional demand and major industry partners ( big liquor, big pharma, big tobacco) are driving the industry to new heights.
The reality is we are going to see periods of corrections/pullbacks, but as the chart indicates so far, each correction and pullback allowed for the healthy development of the overall upward trend. Personally the next two years for canopy look very promising, and we are going to see brand new 52 week highs each year.
Weed Week of Jan 15Looks like there was a deadcat bounce as predicted. See what will happens next. There is no news so technicals and enthusiasm with the potential legalization are what is the only thing driving up this stock for now. Frankly, it is overpriced but if the traders want to keep trading so to make a quick buck, this may be the ticket but one has to be careful.... Disclosure: Only got a put on this one
How the House Won with WEEDLooks like a picture perfect victory for the house on WEED. Would like to see a bit of a consolidation so I can get a solid feel for which directional we will see next.
Canopy going forwardIt appears we had a top at around 44 dollars so using what we saw last time in Nov 2017 and that we had three day drops already(which usually means a short buying reversal), there should be a quick bounce from here. The bounce I project(again probability using historical and fib math, I am not a fortune-teller) that it may go back to the 38.2 level then reverse at around either 27 or 23 level. After that may see a consolidation at 30 waiting for more news from the government. Now, if there is bad, it may drop more from here(25-27) then reverse, I will have to update next Friday more if that happens. They said legalization is July but now saying it is some time this summer, so who knows. The markets will play around with the news from here. Disclosure: I do not hold the stock now but have puts waiting for a brief drop for a quick profit.
Canopy Growth in TSX short term outlookComparing to the drop in Nov 2017, it looks like a drop is due pretty soon. The slope(rise over run) of the Nov 2017 parabolic rise then drop was around 191 and the situation we are in now is at 206. This means a correction is overdue soon. If it corrects from here, Fib shows with the historical chart confirming a typical two drop sequence. This means if there is a drop tomorrow, 38% should be at 27.2 and then follow by another drop to 21.8 with a rebound to 28.8 and back down for the calm to ready another round of buyers.
WEED: Make or Break(down)WEED has formed a second downtrend line off of the previous False Break. That part may be open to debate but this is clear. Both downtrend lines are in play, and this pattern will break soon. This should be a clear play whichever way it breaks.
WEED Triangle and the Bull Market We had a false breakout on the continuation cycle, but there is still a possible triangle pattern.
WEED Possible Continuation Cycle Beautiful continuation cycle on WEED daily. The pattern favors a bull break, but there will be good momentum whichever way it breaks.
WEED: MAD CONEZ; Getting HigherThere appears to be a nice bullish continuation pattern forming on WEED. The upward break from this pennant is $25-27.
Filled some gapsThe circles in white are the gaps already filled, the circle in green is the gap that still needs to be filled. I think it will run to about 19.9, then hit resistance. I know there is still a massive gap down by 13, but lets hope that doesn't get filled..... ever.
