Canopy Growth Blazes Higher As Bullish Sentiment Returns To The Cannabis Sector: A Technical Analysis
Portfolio Pulse from Melanie Schaffer
Canopy Growth Corporation (NASDAQ:CGC) saw a surge of over 50% on Monday due to a change in sentiment in the cannabis sector, driven by the Department of Health and Human Services' proposal to reclassify marijuana to a lower-risk drug category. The company's stock has risen about 230% since August 30, indicating a high level of interest and a possible sector reversal. The stock is expected to trade sideways on Tuesday and possibly Wednesday, forming an inside bar pattern, which would lean bullish for a continuation higher.
September 11, 2023 | 5:36 pm
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Canopy Growth Corporation's stock has surged over 50% due to a change in sentiment in the cannabis sector. The stock has risen about 230% since August 30, indicating a high level of interest and a possible sector reversal.
The surge in Canopy Growth Corporation's stock is due to a change in sentiment in the cannabis sector, driven by the Department of Health and Human Services' proposal to reclassify marijuana to a lower-risk drug category. This has led to a high level of interest in the stock and a possible sector reversal. The stock is expected to trade sideways on Tuesday and possibly Wednesday, forming an inside bar pattern, which would lean bullish for a continuation higher.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100