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STZ

Are Pot Stocks Back? Potential Breakout OpportunityCRON has broken out of the descending triangle pattern (reversal) with a strong bullish candle (+21%) on 6/8/20. This is an interesting setup since the descending triangle chart pattern seemed to form at the end of the downtrend. Over the last several months pot stocks have gotten hammered. Some stocks even falling +90% during the bear market. The fundamentals are beginning to align, and general market sentiment has greatly improved. If sentiment remains positive, there is a possibility that CRON will continue to rally into election season. If there is a strong push for more states to legalize marijuana, then except additional momentum.
NASDAQ:CRONLong
by tradingwithyg
1
STZ forms a bear pennant after a slew of bad news!Constellation Brands has enjoyed a massive run-up in the past 6 years and has come sharply off of its highs (around $230) in the past 5 months. STZ is a juggernaut in the alcohol industry and has deserved its high stock price given a very strong earnings growth trajectory. Lately, however, money has come out of the traditional vice stocks (alcohol and cigarettes) and poured into cannabis-related equities. STZ has noted that their growth is slowing (once in the more recent quarterly and again in a conference on February 20th). In an acknowledgement of slowing growth, STZ has taken a stake in pot stocks to diversify their business. While potentially a solid long term investment, STZ is currently showing a lot of vulnerability in the short term. Technically, STZ was knocked down on those statements on February 20th and has since started to form a bearish pennant as seen in the charts above. I'd like to be a short seller of STZ on a breakdown from this pennant with an ultimate target of the $150 low that we saw on their last earnings report. Short STZ on a trendline break Target 1: 160 Target 2: 150 Stop: $172
NYSE:STZShort
by TradeWithAdam