Hello Traders,
on May 15 I published this forecast for „Canopy Growth“ (CGC), a Cannabis stock.
This is an example of a missed forecast and the importance of consequent Stopp loss management.
Read the forecast by following the link below:
Nearly five weeks later, the picture for CGC has changed.
The stock may have bottomed in a wave ((z)) of ((ii)) @ $38.38 and start a new impulse to the upside
that pushes the stock to $44.13. A clear „three-down“ move follows and ended at the 0.618 Fibonacci of the advance. As you know a typical target range for a wave „2“ of any degree.
The rising price since than is not yet a clear „five-up“ but the slope and the volume make it more possible than not.
If so to come and CGC will achieve the $44.13 and move above that level of price, CGC will have a target range at or around the $47.- which is the zone of a possible wave ((X)). Again; typically for a countertrend target.
The stock has no business to trade below the $39.61 at a daily close and this level can be taken for a stop loss.
Have a great week....
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
Latest news for CGC; at TSX it is listed under ticker symbol "weed"
www.newcannabisventu...-and-cbd-operations/
on May 15 I published this forecast for „Canopy Growth“ (CGC), a Cannabis stock.
This is an example of a missed forecast and the importance of consequent Stopp loss management.
Read the forecast by following the link below:
The stock may have bottomed in a wave ((z)) of ((ii)) @ $38.38 and start a new impulse to the upside
that pushes the stock to $44.13. A clear „three-down“ move follows and ended at the 0.618 Fibonacci of the advance. As you know a typical target range for a wave „2“ of any degree.
The rising price since than is not yet a clear „five-up“ but the slope and the volume make it more possible than not.
If so to come and CGC will achieve the $44.13 and move above that level of price, CGC will have a target range at or around the $47.- which is the zone of a possible wave ((X)). Again; typically for a countertrend target.
The stock has no business to trade below the $39.61 at a daily close and this level can be taken for a stop loss.
Have a great week....
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
Latest news for CGC; at TSX it is listed under ticker symbol "weed"
www.newcannabisventu...-and-cbd-operations/