Canopy Growth Corporation
Long
Updated

$CGC Cup and Handle repeat. ~$80 by June/July.

252
My highest conviction play.
With this pullback, I think CGC is setup well with the possibility of earnings catalyst and or legislation on Cannabis. Looking for a big move before July is out. PT $70-80.
CGC introducing beverages will be a hit.
Check out articles on CGC's beverages.
**Opinion only, Not financial advise. Invest at your own risk.
Note
Outperforming my trendline currently. Looking to add on a pullback to low 30s this week. If that doesn't happen, lick the stamp and send it.
Note
Loading up at 33
Note
And now stimmy arrived, July 16 $80 calls, lots of em.
Note
Following my trendline nicely, loading up more in the 30-32s. Hasn't retested 28 lows but did make a move down only to reverse and flatten out. 50/50 bet at this point which way we go but market confidence is improving, legislation news incoming, and I also believe I'm seeing cannabis in the news more recently. Need to break 36 with volume for anything meaningful. I expect a big move down before a huge upside move.
Note
Seeing a big move down over past week. Options ridiculously cheap.
Note
Slap the ask at 27 haha
Note
Caught by the 200 MA, phew. Would be a great time to buy options.

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.