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CANOPY GROWTH CORPORATIONCANOPY GROWTH CORPORATIONCANOPY GROWTH CORPORATION

CANOPY GROWTH CORPORATION

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WEED trade ideas

Local Top| ABC Correction? Oversold Bounce?Hello Traders Today’s chart update will be on WEED – Canopy Growth Corporation – is the local top in and are we in an ABC correction? We are more probable to be in for an oversold bounce due to the over extension of indicators. Points to consider - Bear trend established on 240 time frame - Local resistance at $38 region - Local support at $25.50 region - Stochastic in lower region - RSI oversold - Volume Declining rapidly WEED is more probable to be in an AB correction after an impulse wave 5 being completed. The trend is bearish as it has failed to make a higher high, negating to overall market structure. Local resistance at $38.00 was breached and retested before a continuation down further to the now local support. This level needs to hold for a potential oversold bounce to come to fruition. The Stochastic is in severely low regions, it can stay in this area for an extended period of time until we see a clear projection upwards. The RSI also is in severely low regions, an oversold bounce is more probable if price holds local support. Volume overall is quite low, we need an impulse of volume to confirm an bounce and or break from current region. The EMA’s is giving price resistance into support; we need to see a bull cross for a confirmation of a bounce… IMO, WEED is completing its ABC correction, a bounce and or a break from this local support will tell us where it’s more probable to head in the near future… What are your thoughts in this Pot Stock? Please leave a like and comment, And remember, “The market is a device for transferring money from the impatient to the patient.”- Warren Buffet
TSX:WEED
by The_Alchemist_Trader_
$WEED it outCurrently short $WEED but seeing signs of weakness in the current downtrend. We definitely see lower highs and lower lows. BUT the low that formed beginning of October is only slightly lower than its predecessor from end of march. So from my perspective all depends on the next 4 weeks. If price shoots over $33, my bearish sentiment will weaken. On the other hand, if last low of 27.5 breaks dynamically, all is well and we might be in for another "halvening" within the current channel. Company currently still trades for 33x sales, which is kind of insane for a "crop-producer", even with 100% sales growth a year there is still a lot of room to the downside imho.
TSX:WEEDShort
by cmpndng
WEED - Potential Long. I just pulled up this chart to have a look, and I think I'll be a buyer Monday. Price on the weekly is looking convincing. Price has settle onto the 200EMA weekly and formed a double bottom on the daily. There is even a nice little bullish engulfing on the weekly showing buyers where sitting there poised and willing. This whole retracement has hit the 61.8% Fib level, a notable level indeed. It's a little choppy, but price has reached a support level going back to July of last year. MACD is showing divergence and the RSI is in an oversold position. All this together. I will be picking up some shares tomorrow unless something unexpected happens. 1% risk 2:1 RR
TSX:WEEDLong
by MattArmstrong
CANNABIS STOCK - LONG-TERM OPPORTUNITY The Cannabis market is obviously promising. The Potential of growth of this market is enormous, if cannabis becomes gradually just like any recreational activity and starts to compete with wine and spirits for favorite way to be absent minded the potential of profit is gigantic . Here we have a promising market, a company that is in loss for this quarter but that has sound financial balance sheets. the classical good company in bad times. Good time to buy. Its still uncertain if we can buy at around 29 or at around 11. i think we have to buy now and latter buy again if the price goes down again. or we can just wait for the StochRsi to get out of the oversold zone as a confirmation in smaller time-frames. This is the exact time when the big Guys start to accumulate, maybe is the right time for us to enter with the smart money as well. Feel free to put a like , follow or comment.
TSX:WEEDLong
by ZoroCapital
$WEED support lost, will the channel hold? #WEED #CGCOh well, were definitely expecting more energy from around here but now it seems to be that the support that has been holding the price on right course since December '17, is lost. This channel where the price bounced a tiny bit right now has also been tested few times earlier. Not looking that impressive here, for me at least. If this channel is lost, we may see this stock around sub 40 CAD and then maybe even sub 30 CAD. Seems crazy with all this legalization just keep on spreading that the price would see stupidly cheap prices but maybe still lower from here a bit. Direction will chance soon - after the market has done what has to be done.
TSX:WEEDShort
by paskalien