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WEED trade ideas

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.
TSX:WEEDLong
by holeyprofit
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!
NASDAQ:CGCLong
by Symbio_X
4
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.
NASDAQ:CGCLong
by mukit1
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.
NASDAQ:CGCLong
by CrashWhen
1
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.
NASDAQ:CGC
by zwburger
1
CGC: Catching Falling Knives is a Dangerous Game!CGC is an unprofitable company with declining revenue and a high cash burn rate. Sounds... AMAZING! Here are a few reasons why I believe a PUMP in CGC is coming: 1) CGC completed an ABC correction by forming a new yearly low almost tagging the 0.618 trend based fib right on the 1 trend based time fib. Nice "coincidence"! 2) CGC currently trading around the highest volume node in CGC’s history at $2.65. 3) Weekly Bullish Divergence on RSI and MACD. Turning on Heikin-Ashi candles, Weekly RSI is still deeply oversold. 4) On the week of July 18th, 2022, CGC had its second largest volume recording ever at 107 million shares. The only time CGC had a higher volume recording was on the week of October 15th, 2018 at 112 million shares. Funnily enough, that week marked the ATH of CGC. Hopefully the opposite will hold true :D. 5) CGC sentiment is extremely bearish probably from retail capitulation and a barrage of analyst downgrades in 2022. CGC certainly isn’t reversing trend on its own. The whole entire MJ sector needs a catalyst. Price passing through the 1 trend based time fib is a potential hint that catalyst may be coming soon. Regardless of TA, if investors REALLY believe in CGC long term, this is a perfect time to add in heavy imo. There's nothing wrong with buying shares at the price which the most shares exchanged hands: $2.65.
NASDAQ:CGCLong
by CrashWhen
9
Cannabis / MJ Stocks Reversal NotedToday a bunch of cannabis stocks showed up on my screener with some good price action and high relative volume. I set up a composite chart using some of the more heavily traded stocks but no OTCs as well as a couple of the ETFs and the REIT IIPR which manages and leases indoor cultivation farms. While I found the composite price had been drifting downward over preceding months, it bottomed on August 1 and has rose 30% since then. Fundamentally this is a growth industry with or without an impending recession. The volume indicator shows rapidly rising volume in the past two weeks, a good support for price action I conclude the cannabis stocks may be candidates for swing trades presently and into upcoming weeks.
NASDAQ:CGCLong
by AwesomeAvani
CGC - Time To Wake The Stoners Up 🥱WEED is suddenly coming to life so I'll be covering some names here. CGC was the strongest today up 17%. Taking a 2 point reverse fibonacci projection - CGC has crashed to tag the outer extremity of a Shakeout Reversal Zone at 1.786. And this 17% bounce appears to be a buy-to-close AR Automatic Rally following a heavy SC Selling Climax. Due to this I would say it is more likely or not that there will be a ST Secondary Test to probe lower and probably at least re-test the SRZ. IV very high for CGC so this one will be good for selling LEAP puts or simply buying the stock. Not advice.
NASDAQ:CGCLong
by dRends35
24