Get started
Canopy Growth CorporationCanopy Growth CorporationCanopy Growth Corporation

Canopy Growth Corporation

No trades
See on Supercharts
Overview Financials News
Ideas
Discussions Technicals Forecast Seasonals Options Bonds

CGC trade ideas

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
The bear market continuesThe cannabis bear market is not over. Looking for a normal continuation with one last capitulation bringing the price back to the 10$ region. This is still well within the realms of possibility given the scope of this bubble. The strong companies that will survive will most likely see a recovery and return to normal going into early-mid 2021 and will continue to thrive into the decade once this recession is over. Looking at January 2021 10$ puts @4.60$
TSX:WEEDShort
by MysteriousPersian
Is WEED trading in a Bullish Flag?Potentially a Ascending Triangle as well, but we haven't seen a retest of the blue upward sloping support, instead Canopy has created a series of higher lows forming an inverted head & shoulders, next week will confirm the trend. An inverse head and shoulders, also called a "head and shoulders bottom", is similar to the standard head and shoulders pattern, but inverted: with the head and shoulders top used to predict reversals in downtrends. This pattern is identified when the price action of a security meets the following characteristics: the price falls to a trough and then rises; the price falls below the former trough and then rises again; finally, the price falls again but not as far as the second trough. Once the final trough is made, the price heads upward, toward the resistance found near the top of the previous troughs. An inverse head and shoulders is similar to the standard head and shoulders pattern, but inverted: with the head and shoulders top used to predict reversals in downtrends An inverse head and shoulders pattern, upon completion, signals a bull market Investors typically enter into a long position when the price rises above the resistance of the neckline. Bullish flag formations are found in stocks with strong uptrends. They are called bull flags because the pattern resembles a flag on a pole. The pole is the result of a vertical rise in a stock and the flag results from a period of consolidation. The flag can be a horizontal rectangle, but is also often angled down away from the prevailing trend. Another variant is called a bullish pennant, in which the consolidation takes the form of a symmetrical triangle. The shape of the flag is not as important as the underlying psychology behind the pattern. Basically, despite a strong vertical rally, the stock refuses to drop appreciably, as bulls snap up any shares they can get. The breakout from a flag often results in a powerful move higher, measuring the length of the prior flag pole. It is important to note that these patterns work the same in reverse and are known as bear flags and pennants. An ascending triangle is a chart pattern used in technical analysis. It is created by price moves that allow for a horizontal line to be drawn along the swing highs, and a rising trendline to be drawn along the swing lows. The two lines form a triangle. Traders often watch for breakouts from triangle patterns. The breakout can occur to the upside or downside. Ascending triangles are often called continuation patterns since the price will typically breakout in the same direction as the trend that was in place just prior to the triangle forming. The trendlines of a triangle need to run along at least two swing highs and two swing lows. Ascending triangles are considered a continuation pattern, as the price will typically breakout of the triangle in the price direction prevailing before the triangle. Although, this won't always occur. A breakout in any direction is noteworthy. Time will tell I suppose.
TSX:WEED
by ScotianBot
1
The Difference Between A Death Cross And A Golden Cross?What Does The Death Cross Tell You? The death cross occurs when a short-term moving average (typically 50-day SMA) crosses over a major long-term moving average (typically 200-day SMA) to the downside and is interpreted by analysts and traders as signaling a definitive bear turn in a market. The opposite of the death cross occurs with the appearance of the golden cross, when the short-term moving average of a stock or index moves above the long-term moving average. Many investors view this pattern as a bullish indicator. The golden cross pattern typically shows up after a prolonged downtrend has run out of momentum. As is true with the death cross, investors should confirm the trend reversal after several days or weeks of price movement in the new direction. Much of the process of investing by following patterns is self-fulfilling behavior, as trading volumes increase with the attention of more investors who are driven in part by an increase in financial news stories abut a particular stock or the movement of an index. Limitations Of Using The Death Cross All indicators are “lagging,” and no indicator can truly predict the future. Once & while a death cross can produce a false signal, and a trader placing a short at that time would be in some near-term trouble. Despite its apparent predictive power in forecasting prior large bear markets, death crosses also do regularly produce false signals. Therefore, a death cross should always be confirmed with other signals and indicators before putting on a trade.
TSX:WEED
by ScotianBot
Canopy Growth ($WEED) is a price floor finally forming?Canopy Growth, widely-considered one of the most successful public companies in the cannabis sector, has shown a pretty volatile history as traders try to set prices and speculators skew supply and demand in this nascent industry. One thing is certain, many of the traded cannabis companies will fail commercial, some are simply shell companies holding portfolios full of other shell companies in cannabis, bioceuticals, vaping and cosmetic etc. Canopy Growth, however, is definitely considered to be a company to watch and which all cannabis stock investors should hold. Obviously, this area underwent a hype cycle where prices became hugely inflated far beyond the capacity of these companies to deliver profits at the time, but what does the future hold? The fundamentals here are good with increasing cannabis use across all demographics, however they will largely be determined by legislation. It's a case of wait and see, but cannabis bulls are optimistic here. From a technical perspective, we need to ask whether these previously high growth stocks could be in a secular bull market, that is a market displaying continuous net growth characterized by short-term and alternating bull and bear phases. If this is the case, we should expect to find the bottom for Canopy Growth around here. Technically we should see long-term support structure develop here, which tests the price floor a number of times indicative of accumulation. For cannabis bulls none of this matters, they will be buying here anyway. --------------------------------------------------------------------------------------------------------------------------------------------------------- weedmoon -- Pumping Weed Stocks to the Moon All information is provided informally, without any acceptance of liability or guaranty on the part of the author "weedmoon". All trades made by the reader are the sole responsibility of the reader. 420 Ho!
TSX:WEEDLong
by weedmoon
1
Ascending Triangle, is Canopy trading in a hidden pattern?There's also merit for a another Inverse H&S to play out here, after a few more trading days next week we may see the shoulder continue to develop or a retest of the bottom upward sloping line of the Ascending Triangle, which would also negate the inverse H&S narrative, but the bottom of the ascending triangle could still hold & result in a bullish outcome, keep in mind these patterns have a tendency to finish roughly 70% to 80% way through the pattern in either direction frequently. Key Takeaways An inverse head and shoulders is similar to the standard head and shoulders pattern, but inverted: with the head and shoulders top used to predict reversals in downtrends An inverse head and shoulders pattern, upon completion, signals a bull market Investors typically enter into a long position when the price rises above the resistance of the neckline. An ascending triangle is a chart pattern used in technical analysis. It is created by price moves that allow for a horizontal line to be drawn along the swing highs, and a rising trendline to be drawn along the swing lows. The two lines form a triangle. Traders often watch for breakouts from triangle patterns. The breakout can occur to the upside or downside. Ascending triangles are often called continuation patterns since the price will typically breakout in the same direction as the trend that was in place just prior to the triangle forming. Key Takeaways The trendlines of a triangle need to run along at least two swing highs and two swing lows. Ascending triangles are considered a continuation pattern, as the price will typically breakout of the triangle in the price direction prevailing before the triangle. Although, this won't always occur. A breakout in any direction is noteworthy.
TSX:WEED
by ScotianBot
Descending Triangle.This is the "exact" same chart from the other day but on a 6 month line chart; which only shows the daily "closing price" as opposed to the 1 year time frame candle chart I posted on Feb 6th which shows more trades. Notice where the rejection point came into play on Canopy's parabolic price move on Friday? The downward sloping trendline of the descending triangle seems to be in play, and the sell volume seems incredibly bearish. Every time Canopy's RSI gets this high we see a dump in the share price as well. The neckline area of the Inverse Head & Shoulders pattern which called the temporary bottom seems to be holding as support for the time being, interesting.
TSX:WEED
by ScotianBot