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Canopygrowth

Canopy Growth: Further UpwardThe WEED stock has already realized considerable increases during the current green wave B, which we credit with even more upward potential. However, we primarily expect the top of this movement to be marked below the resistance at C$3.11, and subsequently, the price should move deeper into our magenta Target Zone between C$2.96 and C$0.90 to complete the larger wave ii in orange. The following wave iii should then lead WEED out of the magenta zone and peak above the mentioned C$3.11 resistance. If the stock already rises above this mark during the current movement, we will have to assume that wave alt. ii in orange has already concluded (probability: 37%).
TSX:WEED
by MarketIntel
Canopy Growth: Some Room Left...WEED has continued to move downward within the magenta Target Zone between C$2.96 and C$0.90, and it is now trading in the lower quarter of this range. Currently, the stock should be working on a blue five-wave move and should soon reach the low of wave (v), thus completing this structure and also the large green wave . Primarily, we still grant the stock some more room to fully utilize the Target Zone, but a trend reversal should be initiated with the low. Afterward, the high from April 29, 2024, at C$20.50 should be exceeded during the turquoise wave 1.
TSX:WEED
by MarketIntel
3
Biden Administration Proposes Major Shift in Cannabis PolicyThe Biden administration has taken steps to reclassify marijuana use as a less serious crime. This potential policy change, if finalized, stands to be the most substantial adjustment in federal marijuana regulations in over four decades. The U.S. Department of Justice, overseeing the Drug Enforcement Administration (DEA), has recommended reclassifying cannabis from a Schedule I drug, which denotes substances with a high potential for abuse and no accepted medical use, to a Schedule III drug. This reclassification would reflect a recognition of marijuana's lower potential for physical and psychological dependence compared to other controlled substances. Shares of cannabis companies soared in response to the news, with stocks like Tilray, Trulieve Cannabis Corp, and Green Thumb Industries experiencing surges of over 20% in late afternoon trading. This market reaction underscores the significant financial implications of potential regulatory changes in the cannabis industry. However, it's crucial to note that while the proposed reclassification may lessen the severity of penalties associated with marijuana use, it does not equate to outright legalization for recreational purposes. The shift in classification would likely result in revised sentencing guidelines and potentially open avenues for expanded medical research into cannabis-derived treatments. The proposal is now in the hands of the White House Office of Management and Budget for review and the finalization of the rule-making process. Despite the positive reception from cannabis advocates and investors, the DEA has yet to officially comment on the recommendation. The Biden administration's move reflects a growing shift in public attitudes towards marijuana, with an increasing number of states legalizing its recreational or medicinal use. By reevaluating federal cannabis policies, the administration aims to align with evolving societal norms and address longstanding disparities in drug enforcement practices. Critics argue that the proposed reclassification does not go far enough in addressing broader issues related to drug policy reform, such as racial disparities in marijuana-related arrests and convictions. Nevertheless, proponents view it as a crucial step towards a more rational and equitable approach to cannabis regulation. Technical Outlook Canopy Growth Corporation ( NASDAQ:CGC ) stock is up 62% as a result of the Biden Administration policy on cannabis taking the stock to an overbought region with a Relative Strength Index (RSI) of 73. Further accentuating to the bullish trend is the long "Bullish Harami" candle stick pattern depicted on the daily price chart.
NASDAQ:CGCLong
by DEXWireNews
1
Germany Greenlights Recreational Cannabis, But With CaveatsGermany's Federal Council has given the green light to a bill legalizing recreational cannabis for personal use, marking a significant shift in drug policy within the European nation. Despite facing criticism and opposition, the legislation, passed by the Bundestag earlier, paves the way for individuals to possess and cultivate cannabis starting April 1, albeit with certain restrictions. While the approval signals a milestone in Germany's approach to cannabis regulation, the journey towards legalization has been far from smooth. Several federal states voiced dissent, with only a handful advocating for a renegotiation of the law. Ultimately, the absence of a majority for an appeal to the mediation committee cleared the path for implementation. Health Minister Karl Lauterbach, a key proponent of the law, emphasized its potential to safeguard the younger generation by curbing consumption and dismantling the black market. The legislation, coupled with increased funding for addiction prevention measures, underscores the government's commitment to public health and education. Under the new law, adults aged 18 and over will be permitted to possess up to 25 grams of cannabis and cultivate up to three plants for personal use. However, strict regulations prohibit smoking in public spaces, including schools and sports facilities, ensuring responsible consumption. Moreover, the legislation introduces the concept of cannabis social clubs, enabling up to 500 members to collectively cultivate and exchange cannabis within defined limits. This initiative aims to foster community engagement while providing a framework for responsible cannabis use. Looking ahead, the government plans to evaluate the law's impact on youth protection within 18 months of implementation. Additionally, discussions are underway to explore the controlled sale of cannabis through pilot programs, mirroring successful initiatives in neighboring countries like Switzerland and the Netherlands.
NASDAQ:CGC
by DEXWireNews
"Canopy Growth Corporation Faces Critical Support Test"Canopy Growth Corporation: Navigating Market Challenges and Strategic Goals Canopy Growth Corporation, a prominent player in the cannabis industry, has been a focal point for investors seeking exposure to the rapidly expanding market for legal marijuana products. As one of the largest cannabis producers globally, Canopy Growth has garnered attention for its ambitious goals and strategic initiatives aimed at capitalizing on the burgeoning demand for cannabis-related products. Founded in 2013, Canopy Growth has quickly risen to prominence, establishing itself as a leader in the cannabis industry through a combination of strategic acquisitions, innovative product development, and global expansion efforts. The company's primary focus is on cultivating, producing, and distributing a diverse range of cannabis products, including dried flower, oils, edibles, and beverages. In recent years, Canopy Growth has achieved several notable milestones, reflecting its commitment to growth and innovation. These achievements include expanding its production capacity, securing distribution agreements with leading retailers, and launching new product lines to meet evolving consumer preferences. However, despite its successes, Canopy Growth has faced challenges in navigating the volatile cannabis market, particularly in the wake of a prolonged distribution bear market that has persisted for the past five years. The company's stock price has experienced significant fluctuations, reflecting the uncertainty surrounding regulatory environments, shifting consumer trends, and competitive pressures within the industry. Recently, Canopy Growth's stock price experienced a sharp retracement, testing critical support levels around $18 per share. With the stock now poised to retest its previous lows at $4 per share, investors are closely monitoring the situation for signs of a potential breakout or breakdown. The recent spike in volume accompanying the bounce from support suggests heightened volatility and the potential for significant price movements in the near term. Bears may attempt to crack support levels, with the possibility of a further downward spiral if volume flows through aggressively enough. In such a scenario, the stock could potentially retest long-term downward support levels around $2 per share. On the other hand, if Canopy Growth manages to break out of its current pennant pattern, investors may view this as an opportunity to enter a position targeting the top of long-term resistance levels. A successful breakout could pave the way for renewed upward momentum, offering potential upside for savvy traders. In conclusion, Canopy Growth Corporation continues to navigate challenges in the cannabis market while pursuing strategic goals aimed at driving long-term growth and profitability. As the company grapples with support levels and potential breakout opportunities, investors should remain vigilant and adaptable, prepared to capitalize on emerging trends and developments in this dynamic industry.
NASDAQ:CGC
by UnknownUnicorn2319099
3
Canopy Growth Announces Effective Date of Share Consolidation Canopy Growth Corporation (NASDAQ:CGC) announced on Wednesday that its board of directors has approved the consolidation of its issued and outstanding common shares based on one post-consolidation common share for every ten pre-consolidation common shares. The consolidation, which was previously approved by shareholders at their annual general and special meeting on Sept. 25, is being implemented to ensure that the company continues to comply with the listing requirements of the Nasdaq Global Select Market, the Ontario-based company said in a press release. Now, the consolidation is subject to approval by the Toronto Stock Exchange (TSX) and is expected to become effective on Friday, Dec.15, with the post-consolidation common shares commencing trading on the TSX and the Nasdaq at market open on Wednesday, Dec. 20, subject to final confirmation from the TSX and the Nasdaq. Technical Analysis NASDAQ:CGC stock may face resistance at the 50-day moving average of $0.6092 and support at the recent low of $0.545. Waiting for a confirmation of a trend reversal before entering or exiting the market would be very crucial.
NASDAQ:CGCLong
by DEXWireNews
CGC: Flying high! Will reality hit soon?CGC chart literally looked like a waterfall since it broke $1 support back in February. But, since Aug 29 after the US health department recommendation the stock along with all MJ tickers just shot up to the moon. But, here is my issue with the chart pattern: the move up from July 17 to July 30 is 3 waves. That makes me think this current price action is a corrective C wave of a higher degree wave 4. This idea would be invalidated if price goes above $2.16; the bottom of wave 1 of C of this downtrend. I am still thinking a lot of traders will get caught on this fomo while price will make a final wave 5 low. Need to keep an eye on RSI on daily and weekly to get a bullish divergence; lower low in price and higher low in RSI. Right now I am short since $1.5 with stop loss on the latest high $1.92. If things go right, target would be $0.18. If I am wrong about this and this pump is real investment, then I will get stopped out and wait for wave 5 to complete followed by a 3 waves down. At that point might consider tying up some capital for a long wave 3 move with some insane potential. Might outshine crypto gains in the next 10 years....for now, one step at a time...
NASDAQ:CGCShort
by mukit1
Canopy Growth: C'mon, Do Something 👉The price of Canopy Growth is currently relatively flat. However, we believe a significant setback is needed to complete the white wave II in the turquoise target zone between CAD 0.430 and CAD 0.265, as expected. Only then should a significant move higher occur in the form of the turquoise wave 1, which should extend to around CAD 1.20. Alternatively, we see a 47% probability that the price is already in this wave. This scenario would occur if the price breaks the resistance at $0.8000 without reaching our target zone
TSX:WEEDLong
by MarketIntel
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.
TSX:WEED
by MarketIntel
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
Descending Triangle for WEED?wow, hard to believe canopy is getting near my entry point in 2016-2017. This stock has been a rollercoaster since rec legalization in Canada. A Potential trading range is highlighted in green. Any price movement that is sustained below or above the green lines is noteworthy. If WEED doesn't hold the green line of support a gap down to CAD $2.80 is highly probable. If WEED breaks to the upside out of the downward sloping resistance of the broadening wedge go long, set your stop loss above the resistance line, and trade accordingly. If the top of the broadening wedge doesn't hold as support a decline back down to the baseline support is likely and it was a fake-out.
TSX:WEED
by ScotianBot
Canopy Growth Corp - General Cannabis RunHey looks like CGC, TLRY, ACB and the WEED etf's are starting their general cannabis run. Canopy has come down to it's lows and might be looking to takeoff here, rsi weekly is starting to inflect and macd is crossing over this could run for a long time several months possibly back to 50$ area. Lower time frames are overbought so might see some red to start the week next week. A buy price of 13.00$ would't be too bad. Also check out EDEN.CN on the Canadian Securities Exchange: Eden Empire is a new player in the cannabis space in Canada and the U.S, they are starting grow operations and have chain of dispensaries and are growing and expanding fast! Other's to check out are mentioned above CGC, TLRY, ACB and the WEED etf's. ca.finance.yahoo.com ca.finance.yahoo.com
NASDAQ:CGCLong
by UnknownUnicorn12070690
2
Looking for a bounceDaily RSI at historic Oversold bounce levels. Almost as beat up as the covid crash right now. In the past we have bounced 25%-80%+ when bouncing off this level of Oversold conditions. There is also a gap on the daily now above at these extreme conditions that needs to be filled Also in a buy/support zone on the daily Weekly Oversold 4HR at historic Oversold bounce levels 1HR at historic Oversold bounce levels Daily looking to like a potential falling wedge, at price support/buy zone, at historic oversold levels with now a daily gap above to fill. A lot of confluence and the stars aligning for a good multi-day/weekly bounce out of OS conditions
NASDAQ:CGCLong
by Natestradamus
$CGCCanopy Growth Corp stock is lower by -10.07% over the last 12 months, and the average rating from Wall Street analysts is a Hold. InvestorsObserver’s proprietary ranking system, gives CGC stock a score of 33 out of a possible 100. That rank is chiefly influenced by a long-term technical score of 12. CGC's rank also includes a short-term technical score of 16. The fundamental score for CGC is 71. In addition to the average rating from Wall Street analysts, CGC stock has a mean target price of $23.14. This means analysts expect the stock to rise 56.12% over the next 12 months. But when we move to the technical side of things, Canopy Growth Corporation has been struggling to break above resistance for quite some time. It’s also sitting in oversold territory so you’d expect price to retest resistance sometime next week. If price is able to break above I have no question in my mind this will be a huge win. Keep this on your watchlist. - Factor Four
NASDAQ:CGCLong
by TheBlankFund