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CANOPY GROWTH CORPORATION

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WEED trade ideas

$WEED * CGC CANOPY GROWTH CORP. EWP TC FIB 3W TF ANALYSISAs of October 2024, NASDAQ:CGC TSX:WEED is positioned within a significant Elliott Wave cycle, suggesting a complex market environment. Elliott Wave Analysis: Wave Structure: Wave 3 is currently in progress, with expectations to bottom around $2.46 to $2.06 CAD. This wave represents a major impulsive move downward. Wave 4 is anticipated to follow, retracing 38.2% to 50% of the decline from Wave 3, likely targeting the $6.50 to $9.00 CAD range. This wave is expected to exhibit a corrective structure, potentially forming a flat correction or triangle. Wave 5 is projected to extend down to $0.25 to $0.04 CAD, signaling a final capitulation phase in this bearish cycle. RSI Analysis: 1. Current RSI Level: The RSI is currently at 32.77, approaching oversold territory. This indicates that Wave 3 may soon reach its conclusion. 2. Divergence Signals: Bullish Divergence Potential: As we approach the expected bottom of Wave 3, monitor for signs of bullish divergence. If the price moves lower but the RSI shows a higher low, it could signal weakening downside momentum and a potential reversal. 3. Wave 4 Behavior: During Wave 4, we expect RSI to recover towards the 50 level, reflecting the corrective bounce while targeting the $6.50 - $9.00 CAD range. 4. Wave 5 Confirmation: In the subsequent decline of Wave 5, a final push to new lows accompanied by bullish divergence in the RSI would indicate a weakening downtrend, suggesting a possible bottoming pattern and future reversal.
TSX:WEEDShort
by Anakyn
4
Canopy Growth Corp (CGC) Shares Drop Below $5Canopy Growth Corp (CGC) Shares Drop Below $5 As the chart indicates, Canopy Growth Corporation (CGC) shares closed below $5 yesterday for the first time since late March 2024. In the spring, the stock price of the cannabis production and distribution company surged amid expectations that the US Drug Enforcement Administration (DEA) might downgrade marijuana from a Schedule I to a Schedule III substance. The decision was indeed made on 30 April, which saw CGC’s share price peak above $14, as investors anticipated that the move would: → accelerate the legalisation of marijuana for both medical and recreational use; → reduce penalties for illegal marijuana trade; → boost profits for companies like Canopy Growth Corporation. However, the reality was different. The Q2 earnings report released on 9 August showed that Canopy Growth Corporation's (CGC) actual performance fell short of analysts' expectations. For instance, gross revenue was $48.3 million (compared to the forecast of $51.2 million and Q1 revenue of $53.7 million). Despite favourable conditions, including a rising stock market in 2024, Canopy Growth Corporation's (CGC) shares have disappointed. A technical analysis of the daily chart for Canopy Growth Corporation (CGC) shows that the stock is trading within a downward channel (marked in red), with the following observations: → Low volatility over the summer (highlighted by an oval) can be interpreted as buyers and sellers agreeing on the stock's fair value, which is typically seen near the median line. → Attempts at growth (indicated by arrows) encountered resistance from the upper boundary (marked with arrows) and were unsuccessful. It's possible that the next contact with the channel's boundary will occur on the lower side. According to TipRanks, none of the analysts recommend buying CGC stock, although their average price target for CGC is $5.93 over the next 12 months – over 20% higher than current levels. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
NASDAQ:CGC
by FXOpen
1
Possible Flat Pattern Complete In CGCThe five-wave impulsive reversal from the 6.07 low likely indicates that the wave B flat pattern that has been developing since early April is complete and the next leg higher in wave C has begun. Wave B and the components of wave B display excellent Fibonacci proportion, increasing the validity of the pattern. Price action should remain corrective against the wave B low of 6.07 as price begins to climb higher towards the wave {b} of B high of 14.92. A violation of the 6.07 low would invalidate the wave count.
NASDAQ:CGCLong
by PhiWaveCapital
$CGC near strong seller orderblockNASDAQ:CGC has made a sharp increase recently and the only news published are speculations based on American elections scenarios. Regarding the technicals, there appears to be a strong sellers orderblock between 8.50 and 9.05 and a bearish divergence can be observed with price not breaking above resistance while volume and momentum is decreasing at 15m chart. Recently price broke above 200 ema on the 4h chart. Could this be a possible retracement with a minor correciton before further uptrend or is this the end of the pump phase and possible dump to further downtrend?
NASDAQ:CGC
by chriskokal1
4
Canopy Growth - Last Chance before Explosion! 100X + $NASDAQ:CGHello Guys, Canopy Growth is in my opinion by far one of the most promising and profitable investments existing in 2024. Old All time Highs have been above $500. For me the old run up looks like a Correct 5 Wave Bullish Impulse, which was now followed by a 3 wave ABC down into the lows we have set now. Meaning: The next move is a Wave 3 Impulse, which will catapult Canopy within the next 1-3 years to prices between $800-$1100 as my final target. This is a chance to leave the regular world behind once for all again. Like we did it last year with Solana buying at 20$. Let's get this bag fam - Love you all - Your MrMoMoney NASDAQ:CGC
NASDAQ:CGCLong
by MrMoMoney
5
Puff, Puff, Pass or Crash? Canopy Growth's Fiery ForecastThe Cannabis Rally is Over! Or Is It? Bulls in Canopy Growth haven't had much to laugh about lately after the initial fireworks at the start of the year fizzled out. The last daily bar showed a clear rejection, dampening hopes for a high-flying stock price. However, a look at the Fibonacci levels and the volume profile suggests a prime buying opportunity around $7.50. From there, we can set a relatively tight stop loss, speculating that Canopy Growth's stock price might light up and reach the highs from late April.
NASDAQ:CGCLong
by Ochlokrat
CGC BULLISH EMA 20 CROSSOVER IMMINENT-Earnings next weed### Investment Thesis on Canopy Growth Corporation (CGC) This is not financial advice of any kind. Do your research! 1. Overview and Rationale Canopy Growth Corporation (CGC) is one of the leading players in the cannabis industry. With the potential reclassification of cannabis by the US Federal government, CGC stands to benefit significantly from increased market access, reduced regulatory burdens, and expanded business opportunities. 2. Fundamental Analysis - **Market Position**: CGC has a strong market presence in Canada and is strategically positioned to enter the US market upon federal legalization. - **Revenue Growth**: The company has been showing steady revenue growth with expanding product lines, including recreational and medicinal cannabis, CBD products, and partnerships with beverage companies. - **Strategic Partnerships**: Canopy Growth's partnership with Constellation Brands provides a robust financial backing and enhances its product portfolio with cannabis-infused beverages. - **Potential for US Market Entry**: Reclassification by the US Federal government could open a significant revenue stream for CGC, given the size and growth potential of the US cannabis market. 3. Technical Analysis **Exponential Moving Average (EMA) Analysis** - **EMA 20 Cross Over**: The EMA 20 is on the verge of crossing above the EMA 50. This crossover is typically seen as a bullish signal, indicating a potential upward trend in the stock price. - **Historical Performance**: Previous EMA 20 crossovers have been followed by significant price increases, suggesting a reliable pattern for future predictions. **Triple Dive Pattern** - **Formation**: CGC has recently formed a triple dive pattern, characterized by three successive lows followed by a reversal. - **Implications**: This pattern often indicates a strong support level, suggesting that the stock is unlikely to fall further and may be poised for a bullish reversal. **Keltner Channels** - **Current Position**: CGC's stock price is currently at the lower band of the Keltner Channel, which often indicates that the stock is oversold. - **Potential Movement**: A move back towards the middle or upper band of the Keltner Channel would signal a potential upside, aligning with other bullish indicators. 4. Risk Factors - **Regulatory Risk**: While reclassification is a significant catalyst, it remains uncertain and dependent on political processes. - **Market Volatility**: The cannabis industry is known for its volatility, and CGC is no exception. Investors should be prepared for potential fluctuations. - **Execution Risk**: The ability of CGC to capitalize on US market opportunities will depend on effective execution of its expansion strategy. 5. Investment Strategy Given the combination of fundamental strengths and positive technical indicators, CGC appears to be a compelling investment opportunity. The potential reclassification of cannabis by the US Federal government could serve as a significant catalyst for the stock. The imminent EMA 20 crossover, triple dive pattern, and current position within the Keltner Channels all support a bullish outlook. **Recommended Action**: Initiate a position in CGC stock, with a focus on medium to long-term gains. Monitor technical indicators closely for confirmation of trends and be prepared for potential volatility. --- ### Follow-up Question How would you assess the impact of the potential reclassification of cannabis by the US Federal government on CGC's market strategy and revenue projections? "The mind adapts and converts to its own purposes the obstacle to our acting. The impediment to action advances action. What stands in the way becomes the way." — Marcus Aurelius
NASDAQ:CGCLong
by Stranglemaniac
1
CGC | A Great Opportunity | LONGCanopy Growth Corp. engages in the production, distribution, and sale of cannabis and cannabinoid-based products for both adult-use and medical purposes. The firm operates through the following segments: Canada Cannabis, Rest-of-world Cannabis, Storz and Bickel, BioSteel, This Works, and Other. The Canada Cannabis segment includes the production, distribution, and sale of cannabis, hemp, and cannabis products in Canada. The Rest-of-world Cannabis segment focuses on production and sale of cannabis, hemp, and cannabis products internationally. The Storz and Bickel segment produces and sells vaporizers. The BioSteel segment refers to the sale of consumer packaged goods including sports nutrition beverages, hydration mixes, proteins, and other specialty nutrition products. The This Works segment includes the production and sale of beauty, skincare, wellness, and sleep products, some of which have been blended with hemp-derived CBD isolate. The company was founded by Bruce Linton on August 5, 2009 and is headquartered in Smith Falls, Canada.
NASDAQ:CGCLong
by DivergenceSeeker
4
CGC - Seen This Movie Before ?CGC Something appears to be brewing in weed stocks currently and Canopy is leading with another pump today - up 16%. Does this looks similar to what we've seen before in crypto stocks GALA and VXV ? Notice that off the bear market we get a ripping pump... Then a collapse down makes a lower low and threatens another wave down. But then a sudden recovery prints a SRP Shakeout Reversal Pattern below the low. And that becomes the first pump of the bull market. Looks like the same game could be afoot here 🤨. Not advice
NASDAQ:CGCLong
by dRends35
8