CGC Holding Trendline SupportCGC is seeing a nice bounce today after a successful test and hold at the uptrend line. Assuming that coronavirus doesn't spark fear in traders again this week CGC should see a test of $26, potentially even a break above. Short-term trend remains bullish.
CGC
CGC - where to now?I'm still on the sidelines with this stock. I was changing diapers when it touched support and moved higher, so I figured to wait and see if I like the setup for a position on the retrace that is guaranteed to come.
What cause last week's rally? US news on CBD regulations? OGI's meager results? Short squeeze, options expiring? Who knows. Smart money buying wasn't among the reasons though, and that should tell us something...
Sure, we're afraid to miss out. Emotions. Lets look at this rationally: Decreasing volume!
I'll pass for now, and see what happens when it retests the lower support. A bounce there could see me buy for a quick run op to resistance where I'd sell. Unless it break $26 with substantial volume . I'm absolutely not going long with this one though. Earnings due in just 3 weeks. We could very well still see a retest of the $17.50 area, and if that gives, we'll see another test of the lower $13 ranges.
Lets see what the bulls can manage on Tuesday...
CGC Testing SupportCGC is back to testing an uptrend support line after a recent channel breakout that had looked promising until pandemic fears shook the market today. Currently watching this uptrend line to see whether or not it is able continue propping up price. A bounce here would be bullish for CGC, a break below the uptrend line would put price back to neutral, or no trend with risk of turning bearish again.
HUGE BEAR VOLUME! WATCH FOR MARKET CORRELATIONTICKER: $CRON
CRON is basically the same as CGC. Huge bear volume on Friday with a 10%+ pull back. Bull flag has been negated and we are looking for a daily higher low compared to 6.38.
Watch for $SPY correlation as it will have a factor in the timing of the bounce. Also watch correlation with CGC and other canadian MJ names. Remember, RSI levels could get to extremes if market pulls back hard.
$CGC potential buy opportunity coming upTicker: $CGC
CGC had a huge bear day, closing near the LOD on Friday. It was very correlated to $SPY on Friday and I won't be surprised that it will continue to be that way if the market dumps. Hourly time frame is in the oversold area, but I will be patient to enter if the market is dumping. I will look for a potential entry this coming Monday if we dump hard.
Anything over 19.02 is a daily HL and in the long term, the bulls still have complete control. Watch the volume this upcoming week as it will be a key indicator. Daily bull flag is negated due to Friday's bear action, but I will look for a equilibrium pattern with a HL above 19.02.
CGC Formed a BullflagComing off an 8 month bear market, cannabis appears to be making a comeback... The overall reversal adds to the likelihood that the current bullflag will push prices higher... A position started here could have a stop loss placed at $22.50 (this level would negate the flag). Short term target could be placed at the closest resistance, long term target could be much higher...
Thanks for checking out my idea! I encourage constructive criticisms!
Be sure to LIKE and FOLLOW
Canopy Growth Corp Breakout HoldingCGC is holding its own after a rough 2019. The recent sideways action within the parallel channel was an accumulation phase and now that we've had a successful breakout of the parallel channel the next move should be an upside continuation move, with or without a re-est of $20 first. A successful re-test and hold at $20 would help solidify the current uptrend and create a strong base for price to move up from ie attract more buyers who are waiting on the sideline.
INVERTED H&S - LONGHEY MA PEOPLE!
Look at this AMAZING chart. CGC is an interesting company to watch.
The price crossed over EMAs 20, 50 and 200 in 1H.
EMAs 20 and 50 in 4h.
Aurora Cannabis (ACB) Entering the kill box for shorts After what seems like a never ending cascade ACB and many other MJ sector names are entering major support zones for accumulation. This is where I am looking to enter positions for maximum Risk/Reward. Calculated entries are laddered at daily gap zones inside of this box with half of a position and another half is waiting to be deployed on a move up & out of this zone. Patience is key as there will need to be a new base formed or an explosive volume based bounce.
CGC Long Term AnalysisCGC has traded back into the monthly support
The RR is almost too good to pass up....
*This is NOT financial advice*
$CGC Bullish BAT; iH&S, largest volume D in over a year. RSI divCanopy Growth Company. Pretty clean bullish BAT forming on daily. It might be hard to see so zoomed out, but $CGC also broke out of an iH&S pattern with the largest amount of Daily volume in over a year! Looking at the Fib levels, $CGC retraced to a tad below the .786 level, but then it shot back above forming the Head of the iH&S. Some bullish divergence on RSI--which is now converging with price action. Entry in green box: $21.00-$23.00.
MJ volume not high enough...Cannabis stocks have been gaining from the start of this week.
Technical analysis
RSI has been trending upward, but OBV has not, creating a bearish divergence. /Bearish
We saw the same three candlesticks ending on November 21st, 2019, leading to a strong pullback. (Red circle drawn in chart). /Bearish
Fundamental analysis
Since May 2019, cannabis stocks have been shorted creating a downturn for the whole sector.
Many of the biggest companies are undervalued. But stocks can stay undervalued longer than we can accept our losses.
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Keeping on a close watchlist.
IGC Low cap with High UpsideDaily trend change confirmed, with the sudden surge in the MJ sector I will be looking for a weekly trend change and taking entries
CRON: At long term support...I think the base in $CRON offers a great opportunity to go long here, with very low risk and potentially huge rewards if we get a new big trend in the 2-Month timeframe. This chart is ripe for a 10x-20x advance, once it gains traction from here.
Cheers,
Ivan Labrie.
$CGC Breaks Out As Expected, More Gains AheadWe said last Thursday that $CGC was on the verge of a breakout and we were right on the money. With 21% of the float short, we expect further short-covering as the shorts get squeezed. We believe the worst is over for $CGC and 2020 is shaping up to be a much better year for cannabis stocks.
Also with the US Presidential election coming up, expect some campaign rhetoric about full marijuana legalization. This will further create optimism around the sector.
As always, use protective stops and trade with caution.
Good luck to all!
Hoping for a better 2020 - CGC Long term hold, but strong movement these last few weeks (could be a number of reasons why) but I'm a believer in this industry.
Will continue to add on dips to increase my position over time but technicals are getting better and looks like an opportunity for some LT calls. Time will tell on that.
Hope to see it continue on the upper trend line, if it breaks I expect a bounce on the second lower trend mapped out. Break that I'm looking to add sub $16 IMO.
ADX moving up w/ MACD crossover and SAR giving me bullish feelings. Bounce off the MA is also entertaining.
As always GLTA
Bullish Daily Chart on $MJDaily Chart is looking like a great long-term buy down here. Watching for a move over the daily 50sma and a continuation higher above $20.
It's been a rough ride down since March of 2019, We trended all the way back down to 2017 support on the North American Cannabis Sector shown here -> charts.stocktwits.com
I'm anticipating for this to hit $50 in the 5 years
GLTA and Reinvest those dividends back into MJ :)
CGC Daily Review1/13/2020
Price closed near HOD at 23.11, above all nearby resistance.Bulls have the ball
As mentioned on Friday, wedges love to give false breaks, and the market threw one out of the gates.
We've been long against 19.90, this morning was yet another opportunity to position long.
With Daily Close now above 23 (21.56 especially), we expect a vacuum higher as stubborn bears will be forced to cover. Remember the ONLY guaranteed buyer is a short covering. Short Float last reported as 21.2%
Minor resistance at 24 & 25 psychological, but expect sellers to arrive 27.50-28.
NO GUESSING, Let the price tell you when the move is over.
$CGC On The Verge Of A Breakout$CGC is a cannabis play that keeps getting more interesting by the day. $CGC is the cannabis name to own with $STZ controlling the company and providing downside protection. Bear in mind that $CGC has a $7 billion market cap and $2 billion in cash. This gives $CGC a lot of fire power as we expect further consolidation to take place after last year's bear market.
Furthermore, 21% of the float has been sold short. We expect short-covering to start happening and drive $CGC higher.
With the stock at $20, our target is $40 and is a stock we are going to take a position in and hold.
Canopy Growth Corporation, together with its subsidiaries, engages in engages in production, distribution, and sale of cannabis in Canada. It operates through two segments, Cannabis Operations and Canopy Rivers. The company’s products include dried flowers, oils and concentrates, softgel capsules, and hemps. It offers its products under the Tweed, Spectrum, DNA Genetics, CraftGrow, Tokyo Smoke, DOJA, Van der Pop, and Maitri brands. The company also provides growth capital and a strategic support platform that pursues investment opportunities in the global cannabis sector. Canopy Growth Corporation has a clinical research partnership with NEEKA Health Canada to investigate the efficacy of cannabinoids for the treatment of post-concussion neurological diseases in former NHL players; partnership with Parent Action on Drugs; and a collaboration with Cure Pharmaceutical Holding Corp. for the development of low-dose cannabidiol oral thin films. The company was formerly known as Tweed Marijuana Inc. and changed its name to Canopy Growth Corporation in September 2015. Canopy Growth Corporation is headquartered in Smiths Falls, Canada.
As always, use protective stops and trade with caution.
Good luck to all!
Today trade recordLB Jan/17 19 call with 0.70
Worrying about SPY / QQQ, sold LB with 0.77
PUT QQQ at
( TQQQ Jan 17 2020 93 Puts at Market (Day) Filled at $1.16 )
Close QQQ PUT $1.42
Re-open TQQQ PUT
NUGT call at here:
Close NUGT call at:
CGC buy point
CGC CUT:
RMBS Call at
Cut RMBS at
CGC: Pot stocks likely bottomed, the last of the sellers soldI think #CGC is being accumulated as it bases sideways here, since most people probably sold after it bottomed recently. As pointed out by @timwest, tax loss harvesting might have played a part in the supply that came to the market recently, which should be over by today.
I'll be accumulating shares gradually here, currently bought a half position before the close today.
A fun fact, I calculated to risk 0.5% of the capital based on 3 times the value of the ATR indicator, which gave me a total of 420 shares per 100k in the account. :p
The long term trend has a failed uptrend that needs to be invalidated here, if it holds up and moves over $25-26 it will be a very interesting play during 2020.
Happy new year everyone!
CGC positioned for sharp upside - expected target 20%CGC positioned for sharp upside - expected target 20%.
1. Chart completed bullish flag.
2. Cleared support level around $18.20
Canopy seems ready to make a run for it The retracement touched the 78.6% retracement level and now shows clear sign of recovery.
The bullmarket for cannabis could might be coming to an end (smoking potential).
Stoploss at lows gives a great risk/reward.
