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Canopy Growth CorporationCanopy Growth CorporationCanopy Growth Corporation

Canopy Growth Corporation

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CGC trade ideas

Drake started from the bottom, but not with Canopy?Or did he? I mean, technically Drake could have been invested in Canopy for many years now, he's a very business savvy guy, not just rapper / icon. So who really knows what his average cost is. Anyway, on a 3 month & 6 month chart we can clearly see lower high after lower high, and this recent move may become just that, another lower high... The rsi is very overextended & it looks like an inverse H&S already played out there... But on the actual chart, it appears as though a Inverse H&S may still be forming, only time will tell I guess.
TSX:WEED
by ScotianBot
WEED - Still lots of room to fall (20%), and a gap at $12.50?!We've already blown past the fib retracement golden ratio of 65%, and our next target is 0.786. I don't have a position in this yet, but when we confirm a reversal, I'm going to take a very large position. SHORT TERM: Our next target is $21.69, and that correlates with another 15% drop in the HMMJ, which is def. going to happen to fill these gaps: Not only does WEED have to fill those gaps, but so does CRONOS (which makes up the same percent of the HMMJ holding). You can see the gaps yet to be filled at $5.75 (around 30% down from where we're at now): POTENTIAL YOLO SCENARIO: There's a gap to fill from $14 to 12.50, which is terrifying, as that's another 50% away from where we're at right now. However, considering the HMMJ sector could continue to fall to fill these gaps, I see it potentially happening. HOW TO TRADE IT: Ladder in your buys. I'm going to put my buy order at around 80% level of the gap-fill, and play the bounce back up. Then, I'll go on shorter timeframes and make sure it doesn't reverse. Regardless, even if you're stopped out on the bounce, you're still making 5%. My stop will be 5-6% below the very bottom of the gap. PS - Fun fact: HMMJ is comprised of the following: CRONOS GROUP INC . 10.59% CANOPY GROWTH CORP . 10.59% GW PHARMACEUTICALS PLC . 9.8% AURORA CANNABIS INC . 9.21% APHRIA INC . 8.14% TILRAY INC . 8.01% SCOTTS MIRACLE-GRO CO/THE . 6.26% CHARLOTTES WEB HOLDINGS INC . 6.04% HEXO CORP . 3.16% ORGANIGRAM HOLDINGS INC . 2.9% Here's a fun call I did for HMMJ:
TSX:WEED
by TMoneyBidness
Local Top| ABC Correction? Oversold Bounce?Hello Traders Today’s chart update will be on WEED – Canopy Growth Corporation – is the local top in and are we in an ABC correction? We are more probable to be in for an oversold bounce due to the over extension of indicators. Points to consider - Bear trend established on 240 time frame - Local resistance at $38 region - Local support at $25.50 region - Stochastic in lower region - RSI oversold - Volume Declining rapidly WEED is more probable to be in an AB correction after an impulse wave 5 being completed. The trend is bearish as it has failed to make a higher high, negating to overall market structure. Local resistance at $38.00 was breached and retested before a continuation down further to the now local support. This level needs to hold for a potential oversold bounce to come to fruition. The Stochastic is in severely low regions, it can stay in this area for an extended period of time until we see a clear projection upwards. The RSI also is in severely low regions, an oversold bounce is more probable if price holds local support. Volume overall is quite low, we need an impulse of volume to confirm an bounce and or break from current region. The EMA’s is giving price resistance into support; we need to see a bull cross for a confirmation of a bounce… IMO, WEED is completing its ABC correction, a bounce and or a break from this local support will tell us where it’s more probable to head in the near future… What are your thoughts in this Pot Stock? Please leave a like and comment, And remember, “The market is a device for transferring money from the impatient to the patient.”- Warren Buffet
TSX:WEED
by AzizKhanZamani
$WEED it outCurrently short $WEED but seeing signs of weakness in the current downtrend. We definitely see lower highs and lower lows. BUT the low that formed beginning of October is only slightly lower than its predecessor from end of march. So from my perspective all depends on the next 4 weeks. If price shoots over $33, my bearish sentiment will weaken. On the other hand, if last low of 27.5 breaks dynamically, all is well and we might be in for another "halvening" within the current channel. Company currently still trades for 33x sales, which is kind of insane for a "crop-producer", even with 100% sales growth a year there is still a lot of room to the downside imho.
TSX:WEEDShort
by cmpndng
WEED - Potential Long. I just pulled up this chart to have a look, and I think I'll be a buyer Monday. Price on the weekly is looking convincing. Price has settle onto the 200EMA weekly and formed a double bottom on the daily. There is even a nice little bullish engulfing on the weekly showing buyers where sitting there poised and willing. This whole retracement has hit the 61.8% Fib level, a notable level indeed. It's a little choppy, but price has reached a support level going back to July of last year. MACD is showing divergence and the RSI is in an oversold position. All this together. I will be picking up some shares tomorrow unless something unexpected happens. 1% risk 2:1 RR
TSX:WEEDLong
by MattArmstrong