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Canopy Growth (Friday’s close $37.50) had a sharp decline from $70.98 to $18.23 in 2019 (A-B), then remained within a large horizontal trading range mostly between $18.50 and $34.00 (dashed lines). The recent rise above the 40wMA, as well as the recent rise to $35, is positive (C), however, only a sustained rise above $35-36 would confirm the start of a new up-trend.

Behaviour indicators including the 40wMA and the rising trend-line (solid line) confirm the bullish potential. There is good support near $29-30; only a sustained decline below $24-25 would cancel the current upside potential.

A rise above $35-36 would signal Point & Figure targets of $39 and $42. Potentially higher targets are visible.

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Monica Rizk is the senior Technical Analyst and Ron Meisels is the president of Phases & Cycles Inc. (www.phases-cycles.com). And he tweets at @Ronsbriefs. They may hold shares in companies profiled.

Chart source: www.decisionplus.com

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 07/11/24 4:00pm EST.

SymbolName% changeLast
WEED-T
Canopy Growth Corp
+2.94%6.3

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