Canopy Growth Corporation Stock Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Big movements in Canopy Growth Corporation stock price on Wednesday moving 36.72% between high and low
(Updated on May 01, 2024)
The Canopy Growth Corporation stock price fell by -22.93% on the last day (Wednesday, 1st May 2024) from $20.45 to $15.76. During the last trading day the stock fluctuated 36.72% from a day low at $14.08 to a day high of $19.25. The price has been going up and down for this period, and there has been a 76.88% gain for the last 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, 8 million shares were bought and sold for approximately $126.40 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 105.20% during the next 3 months and, with a 90% probability hold a price between $19.43 and $42.32 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 $13.74 and $10.51. 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 Tuesday, April 30, 2024, and so far it has fallen -22.93%. 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
On the downside, the stock finds support just below today's level from accumulated volume at $14.67 and $13.20. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Canopy Growth Corporation finds support just below today's level at $14.67. If this is broken, then the next support from accumulated volume will be at $13.20 and $12.95.
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 $5.17 between high and low, or 36.72%. For the last week, the stock has had daily average volatility of 32.10%.
Our recommended stop-loss: $14.85 (-5.78%) (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 (WEED.TO) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect Canopy Growth Corporation to open at $16.36, and during the day (based on 14 day Average True Range), to move between $13.36 and $18.16, which gives a possible trading interval of +/-$2.40 (+/-15.24%) up or down from last closing price. If Canopy Growth Corporation takes out the full calculated possible swing range there will be an estimated 30.48% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $14.67, some $1.09 (6.92%) from the current price of $15.76, our system finds the risk reward attractive.
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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.282 Buy Candidate Upgraded
Predicted Opening Price for Canopy Growth Corporation of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| $16.36 ( 3.83%) | $15.76 |
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 | 21.53 | 36.63 % | |
| R2 | 19.56 | 24.10 % | ||
| R1 | 18.34 | 16.36 % | ||
| Current price: | 15.76 | |||
| Support | S1 | 14.39 | -8.70 % | |
| S2 | 13.17 | -16.44 % | ||
| S3 | 11.19 | -28.98 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 15.76 | |||
| Support | S1 | 14.67 | -6.92% | |
| S2 | 13.20 | -16.24% | ||
| S3 | 12.95 | -17.83% |
FAQ
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