Canopy Growth ($WEED) is a price floor finally forming?
Canopy Growth, widely-considered one of the most successful public companies in the cannabis sector, has shown a pretty volatile history as traders try to set prices and speculators skew supply and demand in this nascent industry. One thing is certain, many of the traded cannabis companies will fail commercial, some are simply shell companies holding portfolios full of other shell companies in cannabis, bioceuticals, vaping and cosmetic etc. Canopy Growth, however, is definitely considered to be a company to watch and which all cannabis stock investors should hold.
Obviously, this area underwent a hype cycle where prices became hugely inflated far beyond the capacity of these companies to deliver profits at the time, but what does the future hold? The fundamentals here are good with increasing cannabis use across all demographics, however they will largely be determined by legislation. It's a case of wait and see, but cannabis bulls are optimistic here. From a technical perspective, we need to ask whether these previously high growth stocks could be in a secular bull market, that is a market displaying continuous net growth characterized by short-term and alternating bull and bear phases. If this is the case, we should expect to find the bottom for Canopy Growth around here. Technically we should see long-term support structure develop here, which tests the price floor a number of times indicative of accumulation.
For cannabis bulls none of this matters, they will be buying here anyway.
---------------------------------------------------------------------------------------------------------------------------------------------------------
weedmoon -- Pumping Weed Stocks to the Moon
All information is provided informally, without any acceptance of liability or guaranty on the part of the author "weedmoon".
All trades made by the reader are the sole responsibility of the reader.
420 Ho!
Obviously, this area underwent a hype cycle where prices became hugely inflated far beyond the capacity of these companies to deliver profits at the time, but what does the future hold? The fundamentals here are good with increasing cannabis use across all demographics, however they will largely be determined by legislation. It's a case of wait and see, but cannabis bulls are optimistic here. From a technical perspective, we need to ask whether these previously high growth stocks could be in a secular bull market, that is a market displaying continuous net growth characterized by short-term and alternating bull and bear phases. If this is the case, we should expect to find the bottom for Canopy Growth around here. Technically we should see long-term support structure develop here, which tests the price floor a number of times indicative of accumulation.
For cannabis bulls none of this matters, they will be buying here anyway.
---------------------------------------------------------------------------------------------------------------------------------------------------------
weedmoon -- Pumping Weed Stocks to the Moon
All information is provided informally, without any acceptance of liability or guaranty on the part of the author "weedmoon".
All trades made by the reader are the sole responsibility of the reader.
420 Ho!
Comment:
Weed is rekt :(
