Updated
CGC - Continued Cash Burn and Downsizing...
With a market cap of over 55B, Canopy Growth is still considered the market leader by many. However, current downsizing activity and write-offs confirm a smaller than anticipated international market, still no sight of profitability, and thus, continued cash burn.
We may see the current triangle break upward, and test resistance once more, but I strongly believe that those of us that currently don't have a position, will see better entry points. Hold your breath for a couple of months, and CGC will be below $10.
I know I sound like a shorter, but I'm not. I want to get in on this for the long haul. That means I need to have an entry point when the market cap is more in line with the company's fundamentals.
We may see the current triangle break upward, and test resistance once more, but I strongly believe that those of us that currently don't have a position, will see better entry points. Hold your breath for a couple of months, and CGC will be below $10.
I know I sound like a shorter, but I'm not. I want to get in on this for the long haul. That means I need to have an entry point when the market cap is more in line with the company's fundamentals.
Note
Nice break and back test of resistance.Note
....and below the line again. Quick touch of that MA50 daily and selling off. We have ourselves another fake out.
🅱🄰🆁🅺🆆🄾🆁🆃🅷
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🅱🄰🆁🅺🆆🄾🆁🆃🅷
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.