Correction looks like its finished, WEEDBreak up candle has been tested, nice dragonfly doji looking candle with a close in the trend. Hoping to see a pop up and sideways consolidation into a rally. RSI and volume seems to support a reversal.
CGC trade ideas
$WEED - searching for the bottom. #potstocksVery few catalysts. Current federal government unfriendly to private sector and have recently announced plans for additional taxes on cannabis production revenues. Provinces are also piling on additional taxes of their own. Regulators seem focused on tax grab as provincial and federal governments face mounting public criticism of large accumulation of debt. Federal (and some provincial) elections are in 2019. Licensed producers can only sell recreational cannabis to provincial governments, who control the distribution, and set the price. LP’s will see higher margins on medical sales and exports. The game is rigged, and the house always wins. It’s the investors who have financed the creation of Canada’s entire cannabis production system who are to sacrifice returns so the government can undercut the black market enough to take their share. And so is life.
Shorts are currently completely in control. Rebound is expected in the fall as we approach October. Currently own 1 share @ 4.00. No short position.
WEED analysis pre-week. UPDATEWelcome to my analysis.. I have done an analysis before for WEED. I am doing an update now for this week. . on to the good stuff:
Fundamentals:
Ok guys. I just read a couple of articles that was recently shown here in tradingview... they bear FUD-ing news. It's stating that Canadian cannabis companies are not a good investment. Let's see how the traders will view that and observe the market onto the next few days.
Technicals:
The candle's lower wick from July 13th grazes the 50 SMA. This is the first time it touches the 50 MA ever since its bull run from May 11th. The stock taking a breather or will it go down? Based on historicals, we can see that the 100 SMA acts as a major support. It has not touched the 200 SMA. With volume starting to pick up again, we can either see it bounce off the 50 SMA or go through and bounce off the 100 SMA. Regardless of what happens, this is a good opportunity to go short. All moving averages are on a bullish momentum, so if you were to short, pay very close attention to the hourly/30 mins charts. It's always faster to short than to long.
My personal trading experience:
For myself, I will wait for a confirmation reversal candle on the 50 SMA(34-35 dollars) or 100 SMA(30-32 dollars). That's when I will buy. The most optimal price point to buy is when it hits the 100 SMA and reverses back up. Personally, I do not see this melting down to the 200 SMA because of the legalization of Marijuana this coming October. This company is just too strong. Stay patient guys.
I am the Night Stalker. I stalk these charts.. day and night.
WEED technical analysisGood evening fellow traders,
Pot legalization was finally confirmed by Trudea on October 17, 2018. Keep that in the back of your mind under the fundamentals tab. This post is about technicals.
With that said, here is my analysis of the WEED company. MACD and the Force index dictates a bearish momentum WEED(thats 2 points checked for the bears). The moving averages are still bullish but given on their 50-100-200, it might take a few more days before they turn to the down side as well (for now, 1 point for the bulls). As for the top down analysis, we can see that the candle has failed to make a higher high and a higher low from the 3 previous highs peaks (1 points for the bears). With that said, I see the price falling down to either of my lined up support levels. The first support at 34.53 were proven to be a strong resistance before by 3 peaks before we broke it to our new all time high.
The second support is between 30.26 and 31.52. These levels were strong support were shown from previous candles.
My 2 cents: I will wait for the price to hit my certain support levels and have my MACD/EFI and confirmation candles of reversal to the upside dictate as to whether I were to enter a long position or not. It's still too risky to hit a short position because of the volatility. It's always safer to bet on the long than the short because of the upcoming legalization at the end of Q3.
Thanks for reading my post. This is Balanar, the Night Stalker. I stalk these charts... day and night!
Weed will it retest lower channelWe may see a weak retest of the lower channel.
Watch for quick opportunities over the next couple of weeks.
Be patient, and watch your risk management.
My thoughts on Canopy Growth WEEDOf course there is a bullish bias on the space. I'd look to buy back 37 for a trade
CANOPY GROWTH CORPORATION (WEED) Get Ready For Short Time UP !!CANOPY GROWTH CORPORATION (WEED) Get Ready For Short Time UP !!
New Year's Resoluton: Buy Cheap WeedGoing SHORT on WEED for now. It's up for another correction. Wait for it. New year should be a good time to buy some cheap weed. Good luck, folks!
My Elliott Wave Count for WEED.TOI have labeled my Elliott Wave Count for WEED.TO as 3 waves in and possibly 4 waves in.
We will see a bounce very soon today or Friday . I think a 10%move up,once pivot low is reached.
Initial Target zone once we reach the pivot low is between $56 and $60 assuming there is no extension for wave 5.
There were sub 5th wave extensions for greater wave 1 and wave 3 so it should not surprise me if there is a sub 5th wave extension for greater wave 5.
If 4 is still not in then I see the next landing zone as the (.618/$31.5) and (.65/30.60) Fib Golden zone region.
This is not financial advice, just my view on what I perceive from my limited knowledge of Elliott Waves.
If we are going to go to the golden zone then in my opinion we will have to bounce somewhat to reset some RSI’s.
The 15,30 and 60 minute RSI’s are all over sold and the 4 hour RSI is approaching oversold.
WEED Correction Time!Canopy Growth is fully into correct zone (watching to see what kind of correction we get). Now that dates for legalization are out - we are in a downtrend until something new comes up that changes the trend. Any moves up need to be made with caution. Good shorting opportunity for the next month or two I'd say. I'll be watching for good opportunity to short the up movements.
Bulls ready to chargeHigher highs and highers lows. Coupled with increasing volume is a recipe for success. Expect a bull run for tomorrow, as the sp held up and rebounded on the day. Short term price recovery is set at 50.50$ $ per share (range bound).
BAT on WEED/CGC hints at stronge pull backThis BAT on WEED/CGC tell me we may have a another trip back down to the 382 before this thing takes off again.
WEED Canopy Growth ABCD pattern on the daily chartIt looks like an ABCD pattern on the daily chart for WEED.
Since this is on the daily chart scale, the uptrend could be very interesting, and more for a long term position.
Is the weed sector the next hype like cryptos?Correction not over yet but probably at ~20CAD and last up wave is waiting. Watch for divergence on daily basis of given indicators. Target 90CAD
3-3-5?Ive considered many times that the all time high of $44 may have been wave 3 , however there is also the possibility that we are now in wave C of a flat correction. I would like to quote from the Elliot Wave principle book " Since the first actionary wave, wave A, lacks sufficient downward force to unfold into a full five waves as it does in a zigzag, the B wave reaction, not surprisingly, seems to inherit this lack of countertrend pressure and terminates near the start of wave A" . As some other MJ stocks have done more zigzag patterns ,WEED did not. To me it seems to be fitting the shape of the flat correction as we see here. This is how i interpret the possible outcome nothing is set to scale.
WEED - Double Top or New All Time Highs?We have seen some very bullish action in Cannabis stocks recently. With the Trump administration signaling less regulation and Canada legalizing it for recreational use, there seems to be nowhere to go but up.
If WEED is able to crack strong resistance here and break above to new all time highs, I think this would be an excellent entry for a long term investment.
Note that the WEED broke to the upside of a rising wedge, which is usually a bearish pattern, but in this case I think it only emphasizes how strong the bullish price action currently is.
