CGC Triple Top !
Hello Traders,
Lets have a look at CGC - Canopy Growth Corporation
Points to consider
- A clear Triple Top
- Overall trend putting in higher highs
- Stoch in lower regions
- RSI coming into a tighter pattern
- Volume declining rapidly
- VPVR showing low volume of transactions after this support
- EMA's giving price resistance
CGC has had a strong bull rally, the first impulse retraced back to the .618 Fibonacci Zone before pushing another leg up. Price was in discovery mode after this push before retesting the .618 Fibonacci again, holding support but at the same time making the price put in a triple top. CGC is testing a very key trend line, if respected, will put in a higher high in the market structure. However if price does not respect the trend line and breaks below, then CGC is more probable to have a major correction. Price can really tank if this support is broken as the VPVR is showing very low volume of transactions between the support zones. With the volume declining, we can expect a move very soon...
What are your thoughts on CGC's price actions
Please leave a like and comment,
and some food for thought
“I think investment psychology is by far the more important element, followed by risk control, with the least important consideration being the question of where you buy and sell.” – Tom Basso
Lets have a look at CGC - Canopy Growth Corporation
Points to consider
- A clear Triple Top
- Overall trend putting in higher highs
- Stoch in lower regions
- RSI coming into a tighter pattern
- Volume declining rapidly
- VPVR showing low volume of transactions after this support
- EMA's giving price resistance
CGC has had a strong bull rally, the first impulse retraced back to the .618 Fibonacci Zone before pushing another leg up. Price was in discovery mode after this push before retesting the .618 Fibonacci again, holding support but at the same time making the price put in a triple top. CGC is testing a very key trend line, if respected, will put in a higher high in the market structure. However if price does not respect the trend line and breaks below, then CGC is more probable to have a major correction. Price can really tank if this support is broken as the VPVR is showing very low volume of transactions between the support zones. With the volume declining, we can expect a move very soon...
What are your thoughts on CGC's price actions
Please leave a like and comment,
and some food for thought
“I think investment psychology is by far the more important element, followed by risk control, with the least important consideration being the question of where you buy and sell.” – Tom Basso
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