Canopy Growth Corporation LONG POSITION
Canopy Growth Corp. engages in the production and sale of medical cannabis.
In the recent period, we can observe a descending triangle pattern as well as a downtrend.
Last days, stocks reached the bottom-line of the Keltner channel.
Fibonacci retracement pattern was used to indicate targets.
The RSI shows a bullish divergence.
According to the MACD, we see a bullish confirmation hence the trend should move upwards. Also, the MACD line is located below the zero line, indicating the market is oversold.
Conclusion:
Position: LONG
Entry range: $ 18.04 - $ 19.56
Target range: $ 25.34 - $ 26.68
Stop loss: $ 17.34
NO financial advice
In the recent period, we can observe a descending triangle pattern as well as a downtrend.
Last days, stocks reached the bottom-line of the Keltner channel.
Fibonacci retracement pattern was used to indicate targets.
The RSI shows a bullish divergence.
According to the MACD, we see a bullish confirmation hence the trend should move upwards. Also, the MACD line is located below the zero line, indicating the market is oversold.
Conclusion:
Position: LONG
Entry range: $ 18.04 - $ 19.56
Target range: $ 25.34 - $ 26.68
Stop loss: $ 17.34
NO financial advice
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