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Published: 2 months ago
Author: BullishCharts

Canopy Growth Corp: Taking Off like a Rocket into 2020 | $CGC

The past year has been absolutely hellish for Canopy Growth Corp. (NYSE: CGC) and it’s shareholders. This producer, distributor and seller of cannabis operates primarily out of Canada. The company is clearly the most dominant player in the marijuana industry; carrying the highest market cap out of all the elite players at $8.03 billion. CGC currently has 346,658,913 shares outstanding and what we still consider to be a very undervalued price at $23.16 per share.

It is No Surprise To Us that $CGC Would Be the One to Lead the Surviving Companies Out of the Biggest Bear Market that the #MJIndustry Has Ever Seen.

Cgc Chart 1

From the Daily Chart, we can see a Very Well-Defined Inverse Head and Shoulders Pattern had Developed and Today’s Breakout on High Volume is Confirmation.

  • Stoch has recovered from a severe selloff after sector and managerial unrest.
  • Breakout has hit Fibonacci and horizontal support which continues to the $24.75 level.
  • Targets have been highlighted and particular attention should be paid to gap within the chart @$29.62.

Cgc Chart 2

The Daily Indicators offer Some Reassurance to a Bullish Sentiment:

  • RSI has formed a well-respected base.
  • MACD has crossed above Zero line a short covering signal.
  • Histogram has turned bullish and turned green.
  • On Balance Volume (OBV) has had a strong reversal and remains above Zero Line
  • Momentum indicator has moved strongly above Zero.

Cgc Chart 3

The Weekly Chart has a Few Very Bullish Characteristics:

  • 200-day moving average now support.
  • 7 & 12 moving averages have crossed bullishly, which historically has proved to be a good buy signal.
  • MACD had crossed Bullishly, suggesting a sustained trend change.
  • Histogram rising in bullish trajectory.

Targets to Consider:

Short-term:        $26.92 – To Fibonacci extension 1-2-1 target.

Medium-term:   $29.62 – To gap fill start.

Longer-term       $31.29 – To gap close and overall Fibonacci .382 retrace level.

Entry Point:

Above multiple horizontal and Fibonacci retrace level at approximately $24.75.

Click Here to View CGC’s Most Recent Chart Analysis on TradingView™

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