Long term outlook for WEED stock is going greenOleg Alexandrov
I use mixed data from Canadian and American stock exchanges in order to analyze the Canopy Growth chart. Timeframe 2D.
This stock has been trending down for many days, until…
1/ EVRB. A sign of hidden strength. The support can be detected by narrow spread and big volume red bar. The next 4 bars are green (confirmation). This is early Support entering the market.
2/ Another EVRB of the bigger scale. Much more volume, same narrow range. Note the gap down. It should produce panic and fear. Headlines were negative those days:
The company got losses. Price broke key support 20$. OMG!
But think. If that volume was really bearish, then the price should drop on the wide range! However, we have just average difference between opening and closing. That is why because of the BUY-Limit orders from professional insiders. They should know something.
3/ Here is good news. “Canopy Growth Stock Jumps After Merrill Lynch Upgrades Cannabis Company to Buy”. The stock jumped with double-digit gains.
What is interesting. After the wide green bar, price respected the level of 50% of AB
4/ It was an attempt to rally further.
5/ But this stock is not ready to raise yet, IMO.
So. The chart reveals the presence of big professionals in this market. Who else can move the market in such an aggressive way? I suppose they are accumulating. Long term outlook for #WEED #stock is going green.
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