Marijuana Stock Charts: Canopy, Cronos, and Aphria in Focus
Here's a look at the top marijuana stock charts for the week of October 7, 2019 featuring Canopy Growth, Aurora Cannabis, Cronos Group, and Aphria.
by Equedia1 minute read
Marijuana Stock Charts Breakdown
Here’s a look at the top marijuana stock charts. For the most part, it looks like WEED/CRON/APHA are at or near their “final” Fibonacci Retracement support levels. ACB has broken down. The “safest” trade strategy (if flat) is to wait for the 50% retracement level to be surpassed. I say this because it seems like these stocks have strong directional moves; especially to the upside. This is noted in WEED and APHA.
Canopy Growth ( TSX:WEED) Chart Breakdown
Aphria (TSX: APHA) Chart Breakdown
Cronos (TSX: CRON) Chart Breakdown
Aurora Cannabis (TSX: ACB) Chart Breakdown
As a group, I would say also that they need to regain positive trend momentum.
I did not go into further detail with other chart indicators but stuck to Fibonacci Analysis and Momentum of the Trend.
John Toporowski
PS – I was quite impressed with strength of the directional moves in WEED and APHA. Once they consolidated, they had strong upward power in their moves back up to re-test previous all time highs. This tells me there is a great deal of “trading interest” in these stocks.
