CGC trade ideas
Possible bearish pennant on the 15m.This small correction could end with the stock trending lower. It would set the stage for a lower opening tomorrow.
Canopy - oct 30, 2018i want to see $41 touch but probably wont, reverse would push to $47 then reject or break out. fformaing huge H&s daily
S&P500 Recovery will boost run up to earningsThere will be a run up towards WEED earnings, since it's the largest MJ vendor in Canada. This will be compounded with SPY recovery.
Weed - Sitting on 618 fib level, possible 200 DMA targetWeed - Sitting on 618 fib level, possible 200 DMA target by Earnings date Nov 14th. I think it chops here until earnings, then further down side to 200 DMA. Could form bear flag on daily chart in a few more days.
Weed stocks ina pull backIt looks like Canada Weed in a pull back. Possible pull back due to projected shortages by suppliers. Any weed announcements coming out of the US could break this consolidation. Insights ?
WEED/CGC Still looks strongWEED/CGC suffered some heavy profit taking today but held above the consolidation area. Will watch closely how price acts as it pulls back to my buy zone because
I don't think the party is over yet at least not for this name.
Short WEED It looks like its topping out. Most volume price action happened around $11. People are going to start cashing out not its legal in Canada
WEED - Bearish DivergenceDear Traders,
As we can see WEED managed to make a nice run, but as I said yesterday, better not enter because this is a time bomb. And guess what happened. It dropped, and in my opinion it's not ready to go up for some time.
This bearish divergence happens when we have a new high, but RSI shows us a lower high.
It's time for a big retracement people.
Any thoughts ?
Feel free to join my new Discord Channel if you interested in talking to me and others about stocks, info and of course opportunities!
discord.gg
Biggest WEED Crash Coming We are currently falling from the top of the biggest MJ bubble in history. Given the recent sell-off, my educated prediction is a possible outcome in the next week or so.
Long Range Forecast for Canopy Growth Corporation Stocks (WEED)The Canopy Growth Corporation (WEED) stock has been trading at the top of its price channel for many weeks now, will it continue to keep up the strength, or will we see some short term dips in price?
This is my forecast for the next few months.
Like the idea if you agree and follow me for more ideas like this.
WEED legalization day in CanadaWe already a little drop today, a "sell the news effect". If it goes downward more than that, I thing it could drop in the upper limit of my determined golden Pocket, so around 61$. After that, be ready for a nice bull run. Announcements about partnerships with beverage companies and other products should influence this market positively.
WEED - How High Can It Go ?Dear Traders,
Like ACB, WEED had a great run yesterday and a lot of traders have been able to make good gains!
The question everyone is asking now is, how far will this go ???
Well that's a pretty difficult question o answer because this stock could retrace any time, but it could also pop up another 5% before starting a retracement.
My trading strategy here will be to wait out the sprint, it's too late to enter again in my opinion. I don't want to be left with a huge bag bought way too high.
One the Cannabis stock have retraced i'll load up my bags with a lot of shares.
Any Thoughts ?
WEED looking for blue sky breakout tomorrow!WEED had a gap-up and run open this morning on massive volume, breaking our daily equilibrium bullish and finishing the day up 13%. WEED rejected from all time high today although the American ticker certainly smashed that level, but we still closed pennies off the high of the day. After hours trading saw CGC hit as high as 58.44. We're riding well above the daily Upper Bollinger Band as support.
We also see the hidden bullish divergence on the RSI and MACD having finally played out. RSI has broke out of its descending wedge pattern, and the MACD has started to curl up. We're looking for a higher MACD spike tomorrow.
When stocks are at all time highs there is a lack of resistance, so we look for psychological round numbers. $75, $76, $77, etc. $80 especially should be tricky. We also look at the American tickers to correlate the highs of pre and after market with the Canadian levels. For CGC the high of after hours trading is 58.44.
Our key support is 70.16 on the hourly.
Keep walking your stop losses up. We're in a euphoric bull run and we want to protect our profits from any sudden sell-off.
Also keep in mind the correlation to the overall market. SPY has its second daily inside bar to watch the range of tomorrow, and while a bearish end of day didn't affect the mj sector today, we have seen countless times where it has.
By the way, I do analysis on the entire sector across all the mj charts I publish. If you're not looking at all the names I talk about, you're not getting the full sector-wide analysis. Follow me to get updates when I publish ideas and pay attention to the mj names you typically don't look at too, so you can stay in the know and get the full picture.
Weed Breakout LikelyA break out for weed is likely above 70.52$. Watch volume closely as it will give a great indicator to determine if a breakout will likely occur.
Side Note: APhria 1.84% and Tetra Bio pharma 2.73% backed NBUD.C (North Bud farms) valued at 22$ million and targeting the consumable market is poised for significant gains over the next 4 months. Strongest recommendation to pick up shares at current SP -1.37% .
WEED - Only two levels matterIn the past few ideas I've been pointing viewers to the intraday charts on WEED and I'm no longer doing that. The price action remains so choppy within this range I've become convinced there's no use for it for the pattern. We now have two green days in a row, but because Oct 11th had a much lower open, we still don't have two "real" green days in a row - where the close is higher than the previous day. Our high of day also rejected from the uptrend line we lost on Wednesday.
We have a descending wedge pattern on our RSI, showing hidden bullish divergence. We see the same type of divergence on the MACD as well.
Part of the unclarity lies in that we don't have a clear level of resistance, but rather we have bands of resistance, so I default to using the outermost extremities of the pattern.
Support: 60.14
Resistance: 66.19
These are the only numbers that matter to me for CGC. From Friday's close we're only 14% away from all time high; If we break bullish out of our current equilibrium we will test that level, so I'm more than happy to sit back and wait for the clear direction.
That said, bottom-fishing bear breaks of $61 have been profitable over the past week but I would keep a very tight stop on any such attempt.
It's also worth noting that I do not chart or play WEED. I chart CGC only - it has significantly more dollar volume so I believe the signals on that chart are more important; but both are worth keeping an eye on - I've seen instances where CGC struggled at a seemingly random price, and it was because WEED was up against a psychological resistance.
With that in mind, I see WEED has broke bullish out of the RSI descending wedge but CGC has yet to do so. I also note this RSI pattern on WEED is actually more of a parallel channel.
By the way, I do analysis on the entire sector across all the mj charts I publish. If you're not looking at all the names I talk about, you're not getting the full sector-wide analysis. Follow me to get updates when I publish ideas and pay attention to the mj names you typically don't look at too, so you can stay in the know and get the full picture.
