Canopy Growth Corporation Stock Forecast
Big movements in Canopy Growth Corporation stock price on Thursday moving 27.71% between high and low
(Updated on Apr 18, 2024)
The Canopy Growth Corporation stock price gained 21.10% on the last trading day (Thursday, 18th Apr 2024), rising from $8.91 to $10.79. During the last trading day the stock fluctuated 27.71% from a day low at $8.84 to a day high of $11.29. The price has fallen in 7 of the last 10 days and is down by -18.26% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 2 million more shares were traded than the day before. In total, 5 million shares were bought and sold for approximately $49.59 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 71.30% during the next 3 months and, with a 90% probability hold a price between $10.80 and $27.13 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 $10.40 and $8.19. A breakdown below any of these levels will issue sell signals. Volume is rising along with the price. This is considered to be a good technical signal. 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 -26.45%. 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).
Support, Risk & Stop-loss for Canopy Growth Corporation stock
Canopy Growth Corporation finds support from accumulated volume at $10.48 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 $2.45 between high and low, or 27.71%. For the last week, the stock has had daily average volatility of 15.58%.
Our recommended stop-loss: $10.14 (-6.06%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 11 days ago.)
Trading Expectations (WEED.TO) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect Canopy Growth Corporation to open at $10.31, and during the day (based on 14 day Average True Range), to move between $9.17 and $12.41, which gives a possible trading interval of +/-$1.62 (+/-15.05%) up or down from last closing price. If Canopy Growth Corporation takes out the full calculated possible swing range there will be an estimated 30.10% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $10.48 (2.87%) than the resistance at $11.66 (8.06%), 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: 4.166 Buy Candidate Unchanged
Predicted Opening Price for Canopy Growth Corporation of Friday, April 19, 2024
| Fair opening price April 19, 2024 | Current price |
|---|---|
| $10.31 ( 4.48%) | $10.79 |
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 | 12.76 | 18.23 % | |
| R2 | 11.82 | 9.55 % | ||
| R1 | 11.24 | 4.19 % | ||
| Current price: | 10.79 | |||
| Support | S1 | 9.37 | -13.15 % | |
| S2 | 8.79 | -18.51 % | ||
| S3 | 7.86 | -27.19 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 13.20 | 22.34 % | |
| R2 | 12.95 | 20.02 % | ||
| R1 | 11.66 | 8.06 % | ||
| Current price | 10.79 | |||
| Support | S1 | 10.48 | -2.87% | |
| S2 | 9.77 | -9.45% | ||
| S3 | 8.43 | -21.87% |
FAQ
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