Gareth Soloway
InTheMoneyStocks
Monday, September 30, 2019
Canopy Growth $CGC Hits Double Bottom
Shares of Canopy Growth (CGC) hit double bottom support today. In general, swing traders are buying this play for a bounce off the $22.50 level. Upside is back to $25 near-term, then $32.00. As marijuana stocks are trading new 52 week lows and even multi-lows, investors should expect news or rumors of potential buyouts in the industry. Food and beverage companies will start looking to get into the CBD business. Overall, Tilray (TLRY) and Aurora Cannabis (ACB) show potential key technical support down in this area as well. I expect the whole sector to get as much as a 20% bounce near-term.
