CGC can rally but only...It has broken and backtested the green resistance. It can rally only if it can break the red resistance at 5.5. If it breaks, the golden bottom band, more downside awaits.
CGC trade ideas
CGC Potential for Bullish Continuation | 31st January 2023Looking at the H4 chart, my overall bias for CGC is bullish due to the current price crossing above the Ichimoku cloud , indicating a bullish market.
Looking for a pullback buy entry at 2.78, where the 23.6% Fibonacci line and overlap support is. Stop loss will be at 2.52, where the previous overlap support is. Take profit will be at 3.43, where the overlap resistance and 50% Fibonacci line is.
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CGC Potential for Bullish Continuation | 31st January 2023Looking at the H4 chart, my overall bias for CGC is bullish due to the current price crossing above the Ichimoku cloud , indicating a bullish market.
Looking for a pullback buy entry at 2.78, where the 23.6% Fibonacci line and overlap support is. Stop loss will be at 2.52, where the previous overlap support is. Take profit will be at 3.43, where the overlap resistance and 50% Fibonacci line is.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
Canopy Growth: Ball Drop 🪩Just like the Ball in Times Square every New Year's Eve, the Canopy Growth stock is currently dropping it low. We expect the course to dig deeper into the blue trading area between C$3.49 and C$0.70 until it finishes the grey wave II. After completion, we're expecting the course to rise further North in the longterm. In our alternative scenario, the Canopy Growth stock course might exceed the C$5.55-mark already now, without pushing for further lows below the support line.
Bullish Harmonic on Canopy Growth $CGCLow RSI
Bullish divergence on the RSI
Bullish harmonic
Double Bottom
On meaningful (Weekly) support
Invalidated upon meaningful closure below the prior low.
That's it. GLHF 🤝
Pelosi loves WeedTalk ab out an underrated buy, canopy growth has been a name in cannabis for years at this point, the downtrend has treated them terrible however it seems like a longer term play. enormous potential one the weed industry takes off in the states. if pelosi is long on this thing its not a bad move since shes the best trader since buffet. would take a close look at financials maybe the fundamentals are decent.
WEED looking good, double bottom on Renko + logPurely technical, haven't done fundamental analysis on the sector. Double bottom on Renko + log. Renko for noize reduction and log should also give a nice boost if this probability plays out.
POT Stock WeedWEED chart on the 3D time frame.
-Weed looking good here, imo. 3D 13/48 MA cross imminent, but 48MA not yet turning up
-Bollinger squeeze in progress, nice channel
-Volume increasing
These are the technicals I look for.
None of this should be interpreted as financial advice, I am not a professional or certified financial adviser! all charts, and or analysis' are my personal opinions and observations only!
Fib Extension on $CGCCGC coming off a big weekly double bottom. Increasing volume and looks like a nice wave 1,2,3 here is a fid extension for targets. I know I know, its a weed stock. But $CGC looks like a long.
CGC - doubleOpportunity for a double here. All mj's ready for a big move up.
Today CGC is a buy with a stop at 2.80, good luck!
Weed stocks downtrend may break. Very early to tell and all breakouts at some point look at bit like a double bottom, but this looks a bit like a double bottom.
Been wanting to buy weed stocks since the high and all the way down. I think cannabinoids have many potential benefits and may be an important industry. Just didn't make sense while it was in a speculative bubble and didn't make sense when it was winding down that bubble in a protracted downtrend.
I think we've now reached a point where there's good RR on the long and we have a fairly reasonable way to define a stop betting on the double bottom formation.
Quick scalp playPlaying this one. My entry at 3.37
Quick swing trade. removed all indicators for clear view of the plan.
looking at an inverse head and shoulders pattern, target is the horizontal resistance level.
Quick in n out.
Weed BuzzAs we enter into the next election cycle, the sentiment around the cannabis industry has begun to heat up. Democrats continue to use the alure of weed legalization to win the popular vote. We see this cycle repeating time and time again. What should we expect as we glide into the next 2023-2024 election games? Has the opportunity of a lifetime went unnoticed by the masses or is the cannabis industry truly a sinking ship. Decide for yourself...
CGC approaching support + big volume!Hello, from time to time people asked me to chart CGC and until recently i had no strong opinion to give but now i took a closer look and saw a promising setup:
CGC was non stop dropping in the recent months and it looks very oversold already.
Im waiting to buy at green support and sell at red line for an quick 200% gain.
Cannabis stocks were more kind of a meme Play in recent months but buying at sub 1Billion marketcap could actualy be a good value play now.
This could even be a good entry longterm if you want to invest in the Cannabis sector, im personally selling at red line for fast profit tho.
The current volume is the second highest seen on CGC (highest was arround the top) and this is a sign for me that buyers are finaly stepping in and sellers are capitulating.
There is a possibility that CGC isnt reaching my buy zone before correcting but i personaly would rather miss a buy opportunity then buy right now.
ill have buy orders open for the coming Days/few Weeks and will remove them if CGC should correct earlier then i expect.
This is one of my setup im pretty confident in having success. (except maybe that correction is coming earlier then i think)
I didnt took the time to watch theyr financials, this is TA only. Do that yourself if you want.
DYOR and invest responsible and please leave a like!
CGC: Looking for an entryCGC has seen a potential 5 waves move up and a 3 waves move down. RSI on the daily has bounced up from support region. Friday candle looks like a reversal. This chart looks like a good entry opportunity for a potential wave 3 or a wave C move to the upside. A tighter stop loss would be below Friday's low. Or a more flexible one would be below last wave 2 low. Breaking 2.34 level would mean a much deeper drop and the upside count will come into question. In the current depressed market, it's difficult to go long on anything, let alone pot stocks. But the setup looks rather enticing at the moment. If things work out, take profit markers are at 1, 1.236 and 1.618 fib extensions. As fib levels hit, I will be taking off 30% at each level and move stop loss up. That's my plan, not a financial advice.
Canopy Growth Corporation Technical AnalysisJust a technical analysis. There might be reasons to buy in the near future.
CGC: Unfinished BusinessWith a SPX & NDX forming daily hammer/dragonfly doji at their golden pocket ratios, it's time to go dumpster diving into poopy pot stocks. I believe CGC has just finished a running flat correction with hidden bullish divergence on the 1 HR. Looking for a final Wave 5 up to $5 (Fibs) to complete the impulse move. Breaking under $3.17 invalidates wave count.
That was a very strong bullish monthly close on CGC. Bullish continuation off the monthly hammer as well as passing by the 1 trend based time fib. Could see some fireworks in cannabis stocks as SPX drifts around. Weekly Bullish Divergence on RSI on CGC playing out as well.
CGC - Short UpdateAs I said in my previous post, I exited this position last week on Friday I believe; however, I'm content with the results. The setup was nice, and today has proven that it was a good plan all along. Exit at 3.65 would've been ideal, but sometimes you have to change your plans accordingly.
Dumpster Diving into Speculative Weed Winners: Canopy GrowthBig level of interest for Canopy Growth NASDAQ:CGC trying to fill the July 25, 2016 gap from 2.15 to 2.20 —post-bull pennant.
Pot stocks have taken a beating since the 2021 highs (pun intended). They're clearly oversold BUT they're sitting without a catalyst from the Biden administration toward marijuana legalization efforts.
If you're into dumpster diving, Canopy Growth could be a good dumpster to choose. They have exposure in the United States and don't forget, Constellation Brands $STZ has a large stake in the company. 🧐
For a trading strategy, look for momentum into the end of the week after the gap is filled . Otherwise, buckle up and settle in, as it is likely to continue breaking down out of the falling wedge into Tuesday, August 9, 2022 earnings.
Not Out of the WoodThe deadcat bounce in wave 4 corresponds to the hype in legalization this fall with the mid term election. After that, we will have another leg down to close the gap at around $1.25 USD.
Just my 2 cent.
CGC Short - Day 2 I decided to take profits today. We were really close to the price target. An unexpected move due to the overall market. Regardless of such move, CGC was at a supply zone; therefore, the main thesis stood, which is essentially why I entered the position. I'll be posting more ideas soon, and reviewing current trades I made today.
CGC watch for breakout of logarithmic resistance line. RSI brokeRSI broke out on weekly. hopefully initial bounce to weekly RSI 50's for a re-test as a potential reversal is considered
overall logarithmic resistance still in place
All Canabis Stocks Bullish at this StagePosition reached bottom levels and it is a catch to get it in this dirt cheap levels and leave it long.
Enjoy the Ride.
