Canopy Growth Corporation Stock Forecast
Red day on Thursday for Canopy Growth Corporation stock after losing 3.34%
(Updated on Apr 25, 2024)
The Canopy Growth Corporation stock price fell by -3.34% on the last day (Thursday, 25th Apr 2024) from $12.27 to $11.86. During the last trading day the stock fluctuated 5.15% from a day low at $11.85 to a day high of $12.46. The price has fallen in 7 of the last 10 days but is still up by 6.46% 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 -623 thousand shares and in total, 2 million shares were bought and sold for approximately $25.10 million.
The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 94.65% during the next 3 months and, with a 90% probability hold a price between $14.73 and $32.65 at the end of this 3-month period.
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WEED.TO Signals & Forecast
The Canopy Growth Corporation 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 $11.12 and $9.26. A breakdown below any of these levels will issue sell signals. 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, April 03, 2024, and so far it has fallen -19.15%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). 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 Corporation stock
Canopy Growth Corporation finds support from accumulated volume at $11.66 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $0.610 between high and low, or 5.15%. For the last week, the stock has had daily average volatility of 10.15%.
Our recommended stop-loss: $11.18 (-5.75%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 16 days ago.)
Trading Expectations (WEED.TO) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Canopy Growth Corporation to open at $12.06, and during the day (based on 14 day Average True Range), to move between $10.40 and $13.32, which gives a possible trading interval of +/-$1.46 (+/-12.29%) up or down from last closing price. If Canopy Growth Corporation takes out the full calculated possible swing range there will be an estimated 24.57% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $11.66 (1.69%) than the resistance at $12.95 (9.19%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Canopy Growth Corporation stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Canopy Growth Corporation stock to perform well in the short-term.
Current score: 1.521 Buy Candidate Unchanged
Predicted Opening Price for Canopy Growth Corporation of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $12.06 ( 1.66%) | $11.86 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for WEED.TO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 12.67 | 6.80 % | |
| R2 | 12.43 | 4.84 % | ||
| R1 | 12.29 | 3.62 % | ||
| Current price: | 11.86 | |||
| Support | S1 | 11.82 | -0.307 % | |
| S2 | 11.68 | -1.52 % | ||
| S3 | 11.45 | -3.49 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 14.67 | 23.69 % | |
| R2 | 13.20 | 11.30 % | ||
| R1 | 12.95 | 9.19 % | ||
| Current price | 11.86 | |||
| Support | S1 | 11.66 | -1.69% | |
| S2 | 10.48 | -11.64% | ||
| S3 | 9.77 | -17.62% |
FAQ
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