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Date: 2019-10-31 19:05:51
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2019-11-01 (URGENCE NEWS) | Welcome! Today I did some analysis on Canopy Growth Corporation based on how it has behaved over the past few trading sessions. First of all, please note that this is technical analysis only (ie. analyzing how CGC is trading, not digging into the company fundamentals), and therefore you should not rely only on this to guide you on whether you should buy or sell CGC – take it with a grain of salt only, and pay attention to the disclaimer below. With that said, many traders find value in technical analysis and others even swear by it, so if that is you, I hope my analysis will be of use to you. Let’s get to it…
First things first: during its last day of trading, CGC opened at 20.05, got to a maximum price of 20.09 and dropped to as low as 19.42 before finishing the session at 19.96. In total there were 3768569 shares traded, which is enough to conduct our analysis.
VOLUME ANALYSIS: Generally, the higher the volume indicators are, the better – you need liquidity to trade, after all. All of the volume indicators are as follows… (click here for an explanation on volume)
VOLATILITY INDICATORS: These are what tell you how much the stock has really been moving around. We have calculated all of them (click here for an explanation on volatility)
Now for the most important indicator of all, the trend. Is the stock bullish or bearish? Is it going up or down? Various trend indicators can give us a good indication… (click here for an explanation on trend)
Now for momentum. Relative strength is what you want to pay attention to here (click here for an explanation on momentum)
And for the final and simplest part: the return. No complicated calculations needed here!
THE VERDICT: For today (2019-11-01), our analysis of technical indicators for Canopy Growth Corporation ($CGC) indicates the following (thanks to Trading View for the widget):
The verdict above will consider all these technical indicators and consider which are strong and weak, and then put them all together to come up with a conclusion stating whether CGC is strong or weak. Again – this is not a reliable indication of whether Canopy Growth Corporation is a good investment! None of these indicators consider the company fundamentals. All of this data is based on how it trades only.
What tools do we think are useful for CGC investors? We have identified a handful of great services and software products that we feel comfortable recommending. The first (and main) thing you should take a look at is the Beat The Market Analyzer software, but we also recommend 3 other products. These are Dividend Stocks (an excellent resource to find stocks that may pay far better than CGC), Microcap Millionaires (the best site online for profiting off micro-cap stocks) and Trading Code (an extremely powerful system for profiting off trading). These recommendations are valid for CGC investors as of 2019-11-01.
DISCLAIMER: We are not registered investment advisers and the above analysis should be taken at face value only. We strongly advise against buying or selling Canopy Growth Corporation ($CGC) based solely on our analysis above, and are not responsible for any losses that you may incur if you choose make any investment decisions based on the above.
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