Canopy Growth Stock Blazes Higher Amid Wild Volatility In Cannabis Sector: The Bull, Bear Case
Portfolio Pulse from Melanie Schaffer
Canopy Growth Corporation (NASDAQ:CGC) stock surged about 20% higher on Monday, rebounding from a 50% drop between Sept. 15 and Sept. 21. The rise is attributed to a double bottom pattern formed at the 76-cent area and increased interest in the cannabis sector after the Department of Health and Human Services recommended marijuana be rescheduled. Despite the rise, Canopy Growth remains trading in a downtrend.
September 25, 2023 | 7:30 pm
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Canopy Growth Corporation's stock surged 20% higher, rebounding from a 50% drop. The stock remains in a downtrend despite the rise.
The stock surged due to a double bottom pattern and increased interest in the cannabis sector after the Department of Health and Human Services recommended marijuana be rescheduled. However, the stock remains in a downtrend, indicating that the surge may be temporary.
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