Wondering where GRWG bottoms out? $12.75 on Dec 17th

TLDR: Based on Fibonacci retracement and the trend line created, I think we will see the bottom at $12.75 on Dec 17th (ish). $12.75 was the high on Aug 31 before the big breakout. Check out how the candles are moving in between Fib levels and touching the trendline on occasion.

Best of luck.

Not financial advice. Due your own due diligence. Have fun.

Comment:

I am going to update this idea. I worked through the Fib levels too fast yesterday. After revisiting this I plotted a new trendline and new retracement levels. I am now thinking the 0.5 level is at $42.14, which makes the 0.0 level at $16.50. $16.50 was the level of support at/around Oct 29, 2020. So almost 13 months later, we are fully retraced. The trendline shows the end of the retracement on Nov 30. Not Dec 17 like I said above. Notice how the stock price has been racing lower the last six sessions. It's trying to get to 0.0 - $16.50 quickly.

Comment:

Still on track to bottom out soon.

Comment:

9:15 AM PT - Nasty day. -6.5% This could still bottom out at $12.75, but there are also some very old gaps on the chart that might actually get closed. Gap on 8/13/20 from $9.35 to $9.88 and gap on 8/17/20. I would not be surprised if market makers decide these get filled in by a solid candle.

Comment:

Well holy cow!!! Low today of $12.65. Candle is a "hammer" pattern that could signal a trend reversal. $13.70 is a superb closing price - its the support set in Sept 2020. We also closed a pesky gap on Aug 17, 2020 - WOW! RSI is so low at 27.6, MACD super low, Stochs super low and turning up. I went ahead and initiated a long position today. Gotta put my money where my mouth is. Please let me know your thoughts.

Comment:

Gap is closed! Ya, that gap on Aug 14-17, 2020. Today's close of $13.15 is below the $13.24 gap. Tomorrow's open and candle up will officially close it. Unreal!

Comment:

Today is the day! Did I accurately predict the bottom by drawing a reverse Fib box? It would be cool to think so. Maybe I got lucky. So today we bottomed at $12.52 then reversed and made a nice little hammer candle. Equally important, Canopy Growth touched the same low as the March 2020 Covid bottom. Also, CNN will run a primetime special on Sunday night about the link between weed and autism. I did start buying this stock this week. The fundamentals and short interest look better than Canopy Growth. Weed has been unpopular for many, many months. Maybe it's time to reverse. I hope this works out. If you have been reading and following along, then I sincerely thank you. It's been a fun one to draw. Have a great weekend!

Comment:

10:00 AM PT - Nasty day. If $12.50 doesn't hold tomorrow I am out. $12.50 does have historical significance though. On Aug 13, 2020 the price closed exactly at $12.50 after earnings. This could be the true bottom. If not, I don't want to watch it go into the 9s or 6s.

Comment:

I like it.

Comment:

Nice move up today. Found some resistance at 20dma. We need to see a full candle close above the 20 to feel better about the bottom being in. Side note: TSLA looks great. I made a chart for that. And man I wish AMZN would do a 10:1 stock split and get it out of its base. Keep you eye on AMZN. This has been a 14 month base.

Comment:

Closed position. Not going to ride this into the ground. The Fib box was not correct. It is heading for lower lows. I will invest in something else.