Canopy Growth Stock Forecast
High volatility in Canopy Growth stock price on Thursday which ended trading at $8.63
(Updated on Mar 28, 2024)
The Canopy Growth stock price fell by -9.63% on the last day (Thursday, 28th Mar 2024) from $9.55 to $8.63. During the last trading day the stock fluctuated 24.60% from a day low at $8.13 to a day high of $10.13. The price has risen in 8 of the last 10 days and is up by 211.55% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -3 million shares and in total, 49 million shares were bought and sold for approximately $418.88 million.
The stockis at the upper part of a very wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $9.55 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect Canopy Growth stock with a 90% probability to be traded between $2.80 and $9.63 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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CGC Signals & Forecast
The Canopy Growth stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $6.91 and $4.07. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Wednesday, March 27, 2024, and so far it has fallen -9.63%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Canopy Growth stock
On the downside, the stock finds support just below today's level from accumulated volume at $7.69 and $7.23. With no support from accumulated volume below today's level the risk is increased, as a drop below the support at $7.23 may give a huge drop in the stock price.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $2.00 between high and low, or 24.60%. For the last week, the stock has had daily average volatility of 41.73%.
Our recommended stop-loss: $8.16 (-5.50%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (CGC) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Canopy Growth Corporation to open at $8.96, and during the day (based on 14 day Average True Range), to move between $7.62 and $9.64, which gives a possible trading interval of +/-$1.01 (+/-11.73%) up or down from last closing price. If Canopy Growth Corporation takes out the full calculated possible swing range there will be an estimated 23.45% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $9.55 (10.66%) than the support at $7.69 (10.89%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Canopy Growth Corporation stock A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Canopy Growth stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.401 Buy Candidate Upgraded
Predicted Opening Price for Canopy Growth Corporation of Monday, April 1, 2024
Fair opening price April 1, 2024 | Current price |
---|---|
$8.96 ( 3.86%) | $8.63 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CGC
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 10.96 | 27.04 % | |
R2 | 10.20 | 18.18 % | ||
R1 | 9.73 | 12.72 % | ||
Current price: | 8.63 | |||
Support | S1 | 8.20 | -4.99 % | |
S2 | 7.73 | -10.46 % | ||
S3 | 6.96 | -19.31 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 9.55 | 10.66 % | ||
Current price | 8.63 | |||
Support | S1 | 7.69 | -10.89% | |
S2 | 7.23 | -16.22% | ||
S3 | 0 | . |
FAQ
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