Canopy Growth Corp. (CGC) Technical Analysis

CGC has consolidated on the daily time frame, but the bulls are looking to buy the dip as is noted by the long lower wick on the daily candle for Thursday, September 6th. On the daily chart the last daily higher lows of support are at $43.12 and $41.15.

We will be watching premarket to see if we get a gap up open similar to what happened on the last daily consolidation. If price gaps up the next resistance will be the high of Tuesday at $52.49 and then the all time high of $56.60. Support range to be watching will be at the last higher lows on the daily time frame of $43.12 and $41.15.

Daily Chart:

On the 4 hour chart the bulls will be looking to set a higher low at $47.86. The bears will be looking to break this level to see further consolidation on the daily chart

4 Hour Chart: