Canopy Growth - Critical Point
Critical Point for Canopy Growth.
Resting right on the 50EMA and bottom trend line of the ascending channel.
Failed to close above 200EMA and tested back down to bottom of the ascending channel.
Ascending channel traditionally leads to lower prices but that's after the breaking of the lower trend line.
Possible test of .618 fib level which also meets with the 200EMA.
Possible short-term upside play with stop loss can be practical.
A good bullish confirmation overall would be a daily candle close or two above the 200EMA, creating enough of a divergence between it and the 50EMA, also creating a new high in this micro trend.
Resting right on the 50EMA and bottom trend line of the ascending channel.
Failed to close above 200EMA and tested back down to bottom of the ascending channel.
Ascending channel traditionally leads to lower prices but that's after the breaking of the lower trend line.
Possible test of .618 fib level which also meets with the 200EMA.
Possible short-term upside play with stop loss can be practical.
A good bullish confirmation overall would be a daily candle close or two above the 200EMA, creating enough of a divergence between it and the 50EMA, also creating a new high in this micro trend.
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