Canopy Growth Corporation (NYSE:CGC)

Strategy Session July 29th, 2020

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  • tnt: $CGC low volume retest of previous ascending triangle breakout level which is now support. Next leg higher looks higher. I am long stock.
  • bRobert: $PYX Watching for a phase 3 type move SPEC $CGC $TLRY $MJ Similar charts Close to support WATCHING $GTLS $45 measured move $IR $31 $URI $130 20d bounces Defined risk trades $HAL flag over 50d watch $13 target $XLE Trading technically polite Higher highs/ lows Flag Progressive targets up towards $50 200d
  • tnt: I am long and adding to $CGC here at the 20 day sma which is turned higher acting as support. Constellation has an inside view and likes what it sees exercising warrants to boost it's ownership to a whopping 38%.
  • spmeyers: @tnt $CGC watching; the action since last week's high has not been great, so I gotta see some more buying
  • Bwhitty: $CGC @Scottrades Have been holding for almost 3 days but wont be able to trade tomorrow. It is not doing anything wrong but has mostly been sideways. Do you recommend continuing to hold?
  • scottrades: @Bwhitty $CGC You could set a stop and see how it goes or just go risk off and no worry about it. Your call. If it was me, I'd just sell and not worry about it.
  • Bwhitty: @scottrades $CGC Thx yea I did go ahead and sell.
  • tnt: $CGC looks to be on the road to $20 where the 200 day will likely give some resistance #shortsqueeze $STZ just upped stake to 38% with warrants. 20 day moving average turned higher and acting as support
  • tnt: Liking the marijuana names on this pullback. Throwback here for retest of breakout levels. I am buying $CGC $TLRY $CRON
  • traderbren: $CGC - nice pop AH on news that $STZ has upped their stake via warrants. We should see some follow through on Monday if this holds as its likely to create some short covering as well since the stock is HTB.
  • kbrowe: $CGC Shares up 10% AH. No position, but on watch list. Constellation Brands Inc. (STZ) said late Friday that it had increased its stake in Canopy Growth Corp. (WEED.T) by 5.1%. Canopy Growth shares rose 10% and Constellation shares were flat in the extended session. Constellation increased its stake to a total of 38.6% by exercising C$245 million ( $174.2 million ) worth of warrants in the marijuana producer which it acquired in 2017, the first investment of a total of roughly $4 billion the drinks giant made in the Canadian pot company. The warrants were set to expire Friday if Constellation did not avail itself of the option to purchase Canopy stock. Constellation said Friday it owns 38.6% of Canopy. Constellation owns additional warrants and senior notes that if converted and exercised would bring its ownership stake to 55.8%
  • scottrades: My video notes: It’s MAY! $SPY/$SPXS/$SPXL Closed below the 8EMA. Stay woke. $QQQ Closed Below the 8EMA Miners $GDX/$GLD Let’s talk about correlation. $KL At the 200 Day, wanted a stronger close. $FNV Watch next week for possible continuation. $GOLD Earnings coming up next week. $AG Nice move off the lows $WPM All Time High! $AEM Great volume today. $SAND Earnings in 6 Days $HMY Another nice chart. Non Miners: $CAPR Nice Day Trade Today, got a point out of it. $CGC Moving AH on news that $STZ is increasing their stake. (*OPINION ALERT*) They will own it all one day I think. $QIWI Building a base. Alert at 13.15 $WKHS Low dollar stock in a top industry group. Earnings in 5 Days and 5 Days of Short Interest. Watch 3.25 $INMD The beast I cannot tame. Looking for this to tighten up.
  • Brian_M: $CGC and $CRON are starting to pinch on the hourly chart and have pretty much held the test of the breakout. Taking them for a swing into tomorrow. Also added some more to $OPRA at the close for some continuation of the move today.
  • 1993dean: SCOTT any target on $CGC thank you
  • scottrades: @1993dean $CGC I'd look for 18.
  • funkytrader: @scottrades $CGC Isn't $TLRY kinda the same thing? Both look nice, just thought TLRY has stronger momemtum
  • scottrades: @funkytrader $CGC $TLRY Yeah, they all look the same right now. $CRON and $IIPR looking good too.
  • Carpe_Diem: @scottrades $CGC - Hi Scott, What are your thoughts on $CRON. They seem to to have the best management and tons of cash from $MO.
  • scottrades: @Carpe_Diem $CGC $CRON $MO I like them here. Bought a little on Friday.
  • Ajax4Hire: @ScotTrades $CGC - Canopy Growth corp. Good call Scot, like the groundhog; once $CGC poke head thru 50day-MA came out for a Spring, boing! Start your garden now for the hazy days of summer. $CGC, pot stock, hazy, get it? I do that's all that counts.
  • scottrades: The Daily print (so far) on $TLRY looks like The same candle on March 27. I'd consider selling some if you bought Friday. $CGC, $ZYNE, $TCNNF and $CURLF looks the best.
  • Cokeman1959: @scottrades $TLRY $CGC $ZYNE $TCNNF $CURLF sold 1/4 of my tlry
  • Nepenthe: @Bert953 $X I had been in $CLF a few days ago, and thought I'd look at $X also; CLF is channeling, but X looked like it might break out if it eclipsed the 50ma, perhaps a better chance for a short-term trade, as both have earnings coming up. I notice a lot of similar patterns, a stock about to break above its 50ma, but below the 200ma, such as $CGC, $SPWR and $X, three that I'm currently playing for swing trades. Speaking of which $CGC is breaking out now on a 5min. chart. Cheers.
  • scottrades: My video notes: In this market, it’s ok to let some trades grow, it’s ok to take profits but - No Bags Allowed. $SPY Popped above resistance, closed below. $QQQ In a 1% Range all day. $GDX Flagging $SAND Still holding with teeth clenched. $UBER Sold some, hold some. $LYFT Wish I owned this instead. $TLRY Looks weak $CGC Looks good $CRON I’m out, but not against buying back. $IIPR Want 75 to hold. $PRPL Posted about this at the open. Nice move today, but too high to buy. $HACK Holding above the 200 Day. $FSLR Earnings next week. $STNE Getting tight. $UPLD Watch 30. $CDW At the 50 Day.
  • charles23phelps: @Brian_M $TLRY $CGC $TLRY does have a nice x axis and is tightening up nicely. Worth watching, and perhaps starting a position on. I agree
  • glens13: @que_chimba $TLRY $CRON - just watch $MJ for large volume from the big boys. They will all go. $CGC $CRON $APHA.
  • scottrades: @scottrades $CGC now following.
  • Nepenthe: @scottrades $CGC Closing in on the 50 ma again. Hmmm...Cheers, maybe?
  • tnt: $CGC just breaking out now from bullish ascending triangle on daily chart. Long
  • Brian_M: @tnt $CGC in that as well. Also took a small play in $VFF which usually lags and then plays catch up when the big ones breakout like they are now.
  • captron: @scottrades $CGC What is the theory on the pot stocks. Everyone staying home and smoking more pot. Makes sense to me. Now I want to see some follow through. Long
  • scottrades: My video notes: $SPY Back above the 50 Day MA $QQQ Grinding around the 8EMA $GDX You know, it actually held up today. $KL Nice close. Watch neek week.. $SAND Bought some shares back. $UBER Nice Weekly close $LYFT Been watching this all week, we got a good move today. $TLRY Nice move for a trade. $CGC Closed above the 50 Day for the first time in 45 sessions. $CRON A move off the 50 Day on Volume and a strong close. $VFF Just under the 50 Day $IIPR Former GSL Nice tight range. Watch above 75 $ZYNE Alert at 4.20 (no really)
  • Brian_M: Not sure if anyone has mentioned it but the pot stocks are starting to tighten up. Particularly like the look of $TLRY into the close today. TLRY will be dropping a few days that had outsized moves and the Bollinger bands should pinch nicely as a result. The float is low and has about a 90% short interest because the company is terrible but I like the chart and chances for a pop. It looks like any move over $7.55 should move some shorts to start covering. $CGC also looks decent but that needs a bit more time to develop in my opinion.
  • glens13: @Bitman320 $TLRY yes - it needs to clear $7.32 and $7.56. It has multiple consecutive inside weeks and was inside day yesterday. I can see a run to $10+ if it can clear those 2 levels and hold. Keep an eye on $MJ for fund inflows from the big boys. $CGC $CRON etc will all move in tandem.
  • scottrades: $CGC Squeezing a bit here
  • scottrades: @scottrades $CRON $CGC Following
  • Nepenthe: @scottrades $CRON $CGC But not buying yet? I did take a small position last week in $CGC. Looking for a close above the 50ma. Cheers.
  • scottrades: @Nepenthe $CRON $CGC I got some $CRON at 6.25.
  • Seemaaziz: @scottrades $CRON $CGC , me too got in at 6.3, what should be our stop price ?
  • scottrades: @Seemaaziz $CRON $CGC Want it to stay above the break out level of 6.20
  • scottrades: Looks like $CGC and $CRON have faded their move up for far.
  • scottrades: ...
    $CGC Fakeout. But give it time.
    $FLIR Posted this is the forum. Watch above 40 for a day 2 move. Some $AMZN news on this.
    $GDX Low Volume, but has some potential above 31. (Watch $NUGT for 2X The Fun!)
    $GDXJ 200 Day MA right above.
    $PAAS Holding a ...
  • Nepenthe: @scottrades $CGC Are you still following pot? And if so, any comments on CGC? It seems to have found some support along the 20ma, with price nearing the 50ma, and squeezing BB's. I imagine you'd say to play this for a pop above the 50ma. NP at the moment. Earnings not until May 15th, unconfirmed. Cheers.
  • scottrades: Some cannabis names catching a bid. $CGC $APHA $CRON
  • Nepenthe: @scottrades $CGC $APHA $CRON Looks like you answered my question. Must be some telepathy going on. Cheers.
  • scottrades: @Nepenthe $CGC Sorry for the late reply, I just saw this. It's going sideways and building a base along the 8 Day. Want to see the %0 Day MA slide under price. I'll talk about it tonight,
  • scottrades: My video notes: $SPY At the 50 Day. $QQQ Mind the Ramp $CPRT Held the gap up. $EXAS Took a bit, but held up well. Good volume today. $CODX Congrats to the traders in the forum who tangled with this tiger, you should be out now. Some Oil Stocks to watch next week: $XOM / $CVX / $IMO / $PSX $BOOT Grinding around the 8EMA. Watch 17.20 $RDNT Moved above resistance on good volume. A little short interest. Watch 12.75 $AVLR Back above the 50 Day and the 200 Day. Watch 86. $ZEN Back above the 50 Day. Watch 75.50 #Some #PotStocks got a little pop today $CGC (Watch above 15.60) and $CRON (Watch above 6.25). $UBER Back on the Watchlist. Watch above 29 $LYFT Back on the Watchlist. Watch above 30 $WORK Handle in progress? $SDC Little pop today. 3 Days of Short Interest
  • scottrades: Volume coming into $CGC
  • agiaccag: @scottrades $CGC I made a 2.5 bagger on TLRY off the Low . only medium size position. #pot socks definitely on my radar. Put not sure they have bottomed yet so trading small on these right now. small position still in my LT accnt. I think these are 3 - 5 baggers down the road.
  • scottrades: My video notes today: $SPXL Did not trade this today but it worked well. $QQQ I’m swinging. Don’t @ me. $CCL Great trade today. I’m out now. $USO Had some calls, they didn’t work. Let me tell you how I managed it. $GDX/$GOLD / $FNV GDX can’t get above the 50 Day but $FNV did. $WMT Beauty move today. Stop at 122. $CGC Watch 14.70 $T Closed above the 8EMA. Want that to hold. $VRTX Watch for this on a pullback. Good volume today. $CATS Working. Nice volume today. $TCEHY Mentioned by @Sher in the forum. They’ve teamed up with Nintendo to release some games. It’s a China stock.
  • bigbartabs: @scottrades $SPXL $QQQ $CCL $USO $GDX $GOLD $FNV $WMT $CGC $T $VRTX $CATS $TCEHY ... CCL up today. They must have got a passenger to signup.
  • scottrades: Ontario is closing all their Brick and Mortar Potshops. $CGC reacting negatively.
  • Sparrows: @scottrades $CGC Permanently?
  • scottrades: @Sparrows $CGC No, just because of Covid19
  • Sparrows: @scottrades $CGC In some states in the US, they are counted as "Essential Business" ;-).
  • scottrades: @Sparrows $CGC They are in Alberta as well. You hate to see Onterrible suffer like this... :P
  • Tango: @scottrades $CGC Where are you going to go?
  • scottrades: @Tango $CGC Oh, sorry, they are open in Alberta. But I'm stocked up. I'm a medical patient so I order from the LPs directly.
  • infocus: @scottrades $CGC You know they're only "protecting us" AGAIN. After forty + years in Toronto, I think I know how to protect myself ;> ) Stay well
  • efrain007: $CGC holding up and trying to go green.
  • BocaRick: @jr3345 $TRLY $TLRY $CRON $CGC $IIPR all up today
  • efrain007: @efrain007 $CGC Risky, very Vish, but staying above 8dma, and challenging the 20dma. Over 14 might work for a quickie.
  • charles23phelps: Look for pull backs and buy in opportunities for: $MGP $PLNT $SPWR $CGC All have had 4-6 STRAIGHT days of higher lows... when the second half of the "W" comes into play... they may be worth looking at.... Also, I am watching... for pullbacks in $LYFT $UBER $NOK $WW $SBUX All have decent quick jump up's... Folks who did not get out today may be in for a rude awakening, and that bull trap is close and coming. No Composite man here folks. Paid for 2+ future years of my membership today with two 2 day trades $LYFT and $VIG
  • efrain007: $CGC One to keep an eye on for a trade. Two days now over the daily 8ema.
  • ATX17: @Auto $TLRY $CGC as well
  • Wykeman: @Wykeman $IIPR $CGC also
  • scottrades: #PotStocks moving here. $CRON $CGC $NBEV $APHA
  • lostsheep: @sierramp #Airplane Speaking of........ $CGC filled the gap. I think a lot of folks will want to light up when they see this decline. Should be good for business.
  • Auto: $CGC $TLRY moving added
  • Ringo: $CRON $TLRY $APHA $CGC - All the pot stock is moving up today.
  • Wykeman: $CGC big earnings beat. Up 15% pre. NP.
  • CraigReynolds: @Wykeman $CGC Yes and now above 3 BB at open. Not a place to start a position in my mind.
  • scottrades: Some Morning Gappers I'm watching: $LPSN Gaping down 17% this morning on earnings. Watch for a snapback trade. $AEM Gaping down 8% this morning after earnings and cutting guidance. Watch for a snapback trade. $CARG Gaping down 20% on earnings and cutting guidance. Watch for a snapback trade. $DDOG Good earnings watch for a buying op. #PotStocks are also moving higher on $CGC Earnings. But I don't like to buy gaps up these. Watch for $CRON to test the 50 Day.
  • ehaglund: @scottrades $LPSN $AEM $CARG $DDOG $CGC $CRON #PotStocks $PLSE down -5.24 (-42.99%) in pre-market
  • jthomas575: $IIPR breaking out while $CGC fades
  • bRobert: ...
    $CGC $30 reversal Partial. Add on pb/bounce
    $LOW. $145. WEEKLY. $HD. $260. Partials. extended Look for pb/b
    $MELI. $800/$900. Long from below $ARGT $34. c&h. Low risk partial entry . $28 next with reversal trigger
    $SAM. $440/$540. Look ...
  • DavidM: @scottrades $LPSN $AEM $CARG $DDOG $CGC $CRON #PotStocks Looks like $AEM forgot to bounce.
  • bRobert: $CGC. WEEKLY. $35. with move > $25+. Pit stop at. $30. Daily reversal target 1 and 50 WEEK ceiling. Pulback from there would create a right shoulder in a larger reversal pattern. $45 target. ($15. head. $30. neckline) Baby steps into giant steps. Patience and position size. Adding in scales on pb/bounces. One bullish reversal trigger /completion leads to another trigger. Dominoes
  • DAN: ...
    $CGC -- I'd set a stop below $18.65. That's today's intraday low. If the stock falls below that price, you really don't want to be holding it.
    $TLRY -- This is tougher becuase true support from January is down at $15 -- quite a % lower than curre ...
  • graphman: @DAN $CGC $TLRY Thank you! No need to be sorry. It's my fault as I failed to put in a stop and you teach this all the time. I need to get better at that. I appreciate the time you took to reply. I will make it up elsewhere and I bet on one of your awesome trading sessions. I have a funeral to go to Thurs so I can't make that but I will be on the next one for sure....NO DOUBT! Thanks
  • bknpdx: @graphman $CGC $TLRY Hey @graphman tip my hat to you for posting your tough trade. I've been in this situation and it's a confidence bruiser.. I'm still new to the game (almost a year with SMM) and have learned a ton in a relatively short period of ...
  • gotoguy: @bRobert $CGC $IIPR When you say, green print candle, do you mean daily, hourly, etc. close?... thank you.
  • scottrades: Watch $CGC for some volatility. Hearing some negative chatter and seeing the stock moving lower premarket.
  • Max115: @scottrades $CGC What kind of chatter?
  • efrain007: @scottrades $CGC Got any details on the negative chatter?
  • Henry: @efrain007 $CGC earnings aren't till next Friday
  • scottrades: @efrain007 $CGC A leaked short report is making the rounds.
  • Ajax4Hire: @scottrades $CGC Accountants using too much of the product; forgot to carry the 2, rounding error in Earnings report. That is what I heard. Austin Powers: Really? Dr. Evil: no, not really, I can't back that up.
  • Ajax4Hire: @scottrades $CGC CNBC is reporting: $ACB - Aurora Cannabis shares down after resuming trading. Company confirming that CEO Terry Booth is stepping down.
  • alfred1939: @Henry $CGC $acb Canopy Growth is going down IMHO in sympathy with Aurora Cannabis which is down over 14%. Their CEO has step down and cutting 10% of heir workforce. Their also will be a devaluation of their assets.FY20 guidence was not too impressive. Stifel Nicolaus cut their stock price target to $1.00 fro $1.75..
  • scottrades: @scottrades $CGC Report:
  • bRobert: $CGC no bounce No joy No trade < 50d Still watching for the green print bounce tot trade Follow stocks even after you are stopped out . Costs nothing to track them they can regroup and trigger on follow up attempts $IIPR Bit extended Double top Could test $85 Be prepared Partials/stops
  • bRobert: $CGC nibblers Watching / waiting for next week
  • bRobert: $CGC Getting close Anticipate touch and go near 50d Adding on bounce Stop just below prior Low of day (LOD) $30 Reversal inv H&S $22 neckline $14 head $IIPR $100/$112+/$125 A bit extended > 50d for safest entry unless SMALL undersized and plan on adding with a pullback/bounce Short squeeze material 7d to cover
  • brett_anderson: @bRobert $CGC $IIPR hi there. i always read your posts, but don't always fully understand the context. as it relates to CGC, i get you're adding on the 50d, i get the stop, but are you long on this? i'm assuming you have a $30 target on a $22 breakout. am i on the right path here?
  • bRobert: @brett_anderson $CGC $IIPR I have a partial position I anticipate a bounce soon on the retest of the $22 neckline and 50d Will add on green print candle with stop below No bounce/no joy /no add
  • brett_anderson: @bRobert $CGC $IIPR as always, thank you for clarifying. appreciate it!
  • bRobert: @brett_anderson $CGC $IIPR My pleasure " Clarifications "take a bit longer with my significant ;) Often requires flowers as well to gain more clarity
  • bRobert: $CGC Watching with partial for touch and go with the 50d $30 Inv h&s reversal $22 neckline
  • bRobert: $CGC Huge volume on up spikes Low volume gentle slope pullback towards 50d and $22 neckline Adding on the bounce $30
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Stock Price $USD 16.63
Change 0.00%
Volume 6,479,200

Canopy Growth Corp through its subsidiaries is the licensed producer of medical marijuana in Canada. The company grows, produces and sells medical marijuana. It sells medical marijuana under various brand names including Tweed, Bedrocan, and Mettrum.

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