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Canopy Growth Corporation

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CGC trade ideas

CGC - Never Looked Macro BullishThose of you that have followed me for a while, know that I am long term bearish CGC for two simple reasons: overvalued and corrective structure. CGC made an ABC off the March lows, which suggests that we should expect at least one more low before a sustainable break higher. We lost the degree for the impulse wave up. We were anticipating a move to the $32-$35 range, but bulls are running out of time and support. We lost the hourly MA50, price action moved outside the bullish channel. There is a chance that wave 5 truncated at $29 resistance. Daily charts show a bounce on MA21. The way I see it, is that losing Friday's low next week (losing the daily MA21) would see continuation to the downside. Either way, as I have clearly shown in previous charts, when this current move reaches its top, I am expecting a retest of at least the $18-$20 range. This assessment is valid for ALL Canadian assets that made an ABC bounce off of March lows.
NASDAQ:CGC
by Barkworth
2
BREAKOUT CUP AND HIGH VOLUM BUY CGC ABOUT 29.40$Canopy Growth Corp. (NYSE:CGC), the Canadian cannabis and CBD products company, seems to be experiencing a turnaround. It wasn’t that long ago that CGC stock was in the doldrums and its outlook was quite dark. But now it looks like the company’s prospects are much brighter at least for the near term. Moreover, in the past year CGC stock has risen over 34% as of Friday, Nov. 20. And year-to-date it is up 12.5%, most of which happened in the past month where it rose 25.6%. 1% CAPITAL
NASDAQ:CGCLong
by Benji-13
$WEED $CGC Stocks is picking up momentum agian!$WEED $CGC Canopy Growth is picking up steam today and is heading towards first level of resistance around the $39-$40 CAD Level. The next two major resistance levels are around $50 CAD and $70 CAD. The resistance lines are on the charts, it would be same on the CGC charts. The best way to play this is if you are already in it, take some off at each resistance level and let the rest ride with a tight stop. I am currently selling puts slightly OTM to try get some shares back cheaper for the longer term. Vote is next week, should see some volatility.
TSX:WEED
by LiCapitalTrading
Long-term bearish + short-term bullish = sell!Ever since CGC’s massive over performance in mid-2018, caused by Constellation Brand’s huge buyout, giving Constellation a 37% equity stake, Canopy’s stock has been falling. In 2020, the stock has hit a pretty bad low, taking a big blow in 2019 and falling even further from the shutdowns. Now, all of the sudden, starting around October, it began a bullish trend; however, I believe people will began to think that it’s overvalued soon. So, sell while you can!
NASDAQ:CGC
by lemoncellist
CGC - Look for a break out or a fake outCGC isn't the only cannabis asset with a weird looking impulse wave. At this point, I am considering if perhaps we're looking at 1-2-i-ii setups or something different entirely. Will have to reassess when more data is available. Regardless, traders understand that we're looking for a break above local resistance, with volume. Next resistance around $26. Breaking out of this zone would be extremely bullish in the short term. Those of you that follow me, know that I don't like CGC's valuation. It is much more overvalued than its peers. For some reason, still today, American news outlets reference CGC each and every time there is news on cannabis. MSO's are completely ignored. Is this the power of Constellation Brands? Based on this assessment, my game will remain to just trade this one. I won't stay long at tops and I won't be afraid to miss out. CGC is a cash burner, but also a revenue monster. Losing money with close to $100M per quarter. I strongly believe that CGC is not in the clear, and should not be considered an investment. Look for improved fundamentals, or one final low, before going intra year long. My 2 cents. Given free.
NASDAQ:CGC
by Barkworth
3
Massive Short Squeeze in CanopyCanopy is on fire today, and is up 20% plus on the week, off the back of optimism over the possible decriminalization of Marijuana in the United States. Last night at the Vice Presidential Debate, Kamala Harris made mention of the dems plan to bring this to fruition, should they win the election in November. This has the entire sector hot today, without exception, as one can expect. It looks as though we may hit the 200 day MA at 23.30 this week before we see profit taking, and the shorts re-entering. It's also important to note that we're nearing major resistance with the top of the downward channel a stones throw away. I suspect we may see a reversal of the squeeze next week once the bulls have achieved these levels. If there's enough momentum to pierce the upper downtrend line, and the 200 day MA, the upside could be massive, particularly seeing as earnings are not until early November. We shouldn't rule out the possibility of a broad market sell off, given the high number of potential catalysts floating around at the moment. This could heavily affect Canopy's price action, and the positive sentiment around it's valuation. I appreciate your time today guys. Thanks, Michael. If you like our analysis, please hit the Like button and subscribe to our profile so you don't miss our new analysis and updates. The information and analysis shared in this post is not financial advice. Always conduct your own analysis and research.
TSX:WEEDShort
by Hedge_Of_The_World
2
Canopy Looking Particularly WeakCanopy is in a defined downtrend, and has been trading below it's 21 day EMA since mid August with diminishing volume. Note: earnings release is early November, and the stock has consistently sold off heavily on recent earnings reports off the back of low demand, high supply, and the natural constraints of scaling the edibles/drinks business, among other constraints. The industry has taken a beating with favorites like Aphria down 90% plus from past highs. Aphria's recent earnings report was a monster disappointment, and sent the stock tumbling 20% plus in a single day. I've seen moves of similar magnitude to the downside in Canopy off the back of recent, and similarly disappointing earnings reports. I suspect just as we've witnessed before, the stock will be pumped into earnings, only to be hammered lower once again. Stay tuned. Michael If you like our analysis, please hit the Like button and subscribe to our profile so you don't miss our new analysis and updates. The information and analysis shared in this post is not financial advice. Always conduct your own analysis and research.
TSX:WEEDShort
by Hedge_Of_The_World
Is Canopy trading in a bullish flag?It's very likely this plays out bearishly as a descending triangle, Canopy recently released earnings & the price continued to sell off immediately in the days following, despite the financials improving from previous quarters, and despite strong beverage sales the market seems to favor the U.S focused MSO's at the moment. Canopy will need some compelling news to break this pattern to the upside. Canopy is displaying a Symmetrical Triangle pattern as well, notice the green upward sloping line of support, Symmetrical triangles differ from ascending triangles and descending triangles in that the upper and lower trendlines are both sloping towards a center point. In contrast, ascending triangles have a horizontal upper trendline, predicting a potential breakout higher, and descending triangles have a horizontal lower trendline, predicting a potential breakdown lower. Symmetrical triangles are also similar to pennants and flags in some ways, but pennants have upward sloping trendlines rather than converging trendlines.
TSX:WEED
by ScotianBot
Fake out on the Ascending Triangle to the downside?It appears as though Canopy may have pulled a fake out to the downside on an ascending triangle I have outlined in dark blue. In my previous post I mentioned how the RSI has seen bullish support when approaching the green arrows pointing side ways to the right, where I had a question mark in my previous post is now a green arrow coinciding with the others. Possibly a bullish flag outlined in green, the downward sloping resistance keeps getting breached to the upside negating a descending triangle / bear flag.
TSX:WEED
by ScotianBot