WEED - almost done with the upside extension - going down, rest
short term bearish, long term - i dont know.
WEED trade ideas
Canopy Growth (WEED) Breaking out to the upsideWEED broke above a symmetrical triangle pattern with a gap higher. Look for $17 range as a target.
WEED long idea.WEED is in a strong parabolic uptrend. Removing supply and creating demand zones. Current price (~16$) is not an area to buy the stock at. Wait for pullback to enter the trend.
Reduced volume and tightening rangeI'm expecting reduced volume and a tightening range for the next week or so until the next leg up.
3 points in which a breakout could occurFirst circle indicates where the potential cup and handle could breakout, the other two circles are where a breakout could occur should the trend line break.
SHORTING WEED CUZ I CAN CUZShort-term SHORTY BABY to 9.3, cuz why duckin not? Toronto guidance is far from SANE. more bad news, more downward pressure.
WEED forming nice upward channel WEED has broken to the upside. I will be waiting for a pull back in this channel to add to my position.
Can Canopy beat the last Top?If u have a look at my chart, you can see two clear trading marks at present.
resistance Levels : 9,17 / 9,50 (main resist) / 0,5 and max fibos /11.20
Support levels: 8,36-8,6 (ema and former lows) / 7,75(last significant low) / 6,59
Growing and Going HigherSee the related idea below for more commentary. This is a bigger picture wave count for WEED that is clearer to see using a line chart.
According to this count, just shy of validation, we are in wave ((iii)) of 3 of (1) of ((5)). Lots of upside!
WEED buy signals$WEED is just shy of invalidating the bearish count (red). Things are looking bullish for WEED based on the blue Elliott Wave count. A three wave zigzag (A)-(B)-(C) completed in June and the initial build up of 1-2 waves is what we see now.
Additionally, the changing to a negative social mood supports from a socionomic perspective the repeal of prohibition. This is apparent in the macro trend of legalization state to state in the US. Colorado's legalization as an example has increased state revenues, another factor that may sway more states to vote yes for legalizing marijuana. The growth opportunity and bullish sentiment for weed has lots of upside for higher highs ;)
The first buy signal, a break and close above the wave 1 high is in. The next confirmation/buy signal is the break and close above the wave (1) red low. This is currently key resistance to break. After we could see price pull back to the current levels but the break and close above the red dashed line will confirm the blue count is underway.
Canopy Marijuana stock ideaI found what I think was an example of an ascending triangle followed by breakdown. I think it will bottom in the next few months.
WEED Broken down trend line...New up trend?WEED has broken out of its downward trend line. Probably getting a push with the boost in healthcare and biotech.
If it can breakout some more and hold key support I will be a buyer. WARNING very risky stock. Proceed
according to your fully tested trade plans.
WEED Demand LevelWEED will bounce at this level. And the bounce will turn into a trend. This is where teh trend changes to UP. All aboard.
