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The volume is huge too. Still haven't hit record high which still implies staying within range.
If we don't consolidate we will likely have a sell the news event on Oct 17th. I want to be wrong but it is what it is. I'd rather have healthy build over FOMO.
Bull Flag looks to be forming on the daily as well. It depends on how heavy shorts decide to come in next week.
Beautiful close. Support being created in this range. Consolidation. Control. Let's see what happens next week. I suspect some shorts will start entering given that it seems they are laying in wait.
Yeah I got all of mine back yesterday. =(
All is well in Canopy land.
Really hope my thesis is right that we build the lower highs higher lows into Oct. Consolidation would give us what we need to have another hot run for rec launch. Thus far we got the lower high on the daily.
Another blue sky break out, another round of new people trying to convince us grizzled vets how high the market cap is, how wrong we are, how low this will "crash".
5+ years of the same cycle from 1,2,3s to here. We do not suffer fools here.
Canopy is King, Cannabis is the future.
There is volume to support this after hours move on CGC.
I normally do not pay mind to pre and post market moves unless there is volume to support such a move. In this case, there is.
There we go. It's about time. A great place to find equilibrium and consolidate into Oct.
The good news is that we have lots of room to keep the constellation deal uptrend. I'd love ~50 days of consolidation.
We are approaching 4hr and daily historical high overbought conditions.
Just be mindful that any pullback here would be healthy for us. Prep for the Oct party.
That big green 5 min candle looked like short covering. They didn't want to short over weekend. I would really prefer to cool off and consolidate with plenty of time into Oct.
Volume surpassing past few days daily volume now too.
One of my sell signals is when institutional investors hits 50+%. Where I scale some out. Not because I think it won't go higher, lower, whatever. It's just one of the rules I set for myself 5+ years ago when I started here.
Also the fully paid lending program has changed my sell plan a bit. Getting paid going both ways is nice.
Let's see if the Germany production license rumors are true in the next few days. I'm seeing some reliable chatter on the subject. MIGHT give us the next leg.
I like to avoid IPO in general for a few weeks anyways as they tend to be volatile. I also have a rule where I scale in a week at a time.
I agree with this. I see a possible cup and handle will form up into Oct. Just my thesis for now.
yeah it jumped just now.
100% this went to a no risk investment in my measure. Canopy is undisputed king. Long live the King.
You guys who have been here with me since day one know I do not say that lightly. In fact for the first time in 3 years I plan I buying more with a portion of the payouts shorts are giving me.
Friends, this deal solidifies Canopy as the global leader. Done deal. Winner. I can't imagine anyone else being able to keep up with Canopy just on distribution/Channel leverage alone.
I don't trust this move to the downside. It's Turkey being used as an excuse for what looks to strictly be a technical rejection of new market highs.
My goodness just look at today how much the upward trend line on the hourly was respected.
Even more so that doesn't make sense given your statement about being a technical trader. The multi year trend line is respected time and time again. Technical traders trade that bounce.
So at this point your thesis on 22 is based on "I bet they will do X" vs any technical.
active trader desk, I approached them as I wanted to make sure they would want my shares before I transferred from my previous broker.
8.75 yesterday, 9% today
I noticed the interest rate for borrowed shares went up with the SP. I wonder if the higher/faster it moves the higher the interest rate. Still learning this side of the investment tool.
No. In fact I think they CAN'T be.
The simple way to think about it is - shorts need to borrow shares to cover their positions. A broker needs those shares which is why a stock can be "hard to borrow" which means the broker does not have enough shares to cover a short position taken.
Hence why Fidelity looks for people to borrow those shares. In my case Wells Fargo is that "person". Wells fargo is currently borrowing all my shares and I get paid as long as they have them.
Thanks for the 9% interest.
You should have gotten an email saying they will now look for someone who wants them.
Wells Fargo has all of mine.
The conspiracy theorist in me is that Bruce want's to see the CGC market reaction on earnings after the bell. The reaction will determine if he announces a split or not the following morning.
Mind you, I could be 100% wrong and it will happen either way.
Bruce has been mindful about shareholders and his company in a way I can only respect.
That's a clean technical break out friends. =) Also now above the upper channel of the uptrend. Looks good. Now we need to close the day with the same momo.
Where do you see that rule? There is no such limit on when you initiate the vote for a split.
Happens every year. July is awful. Sept the run usually starts and builds to a climax. Last year the run up ended in early Jan. Year prior mid Nov.
As soon as I see a link this afternoon I'll share.
I prefer this. Let the shake out happen at start. Let there be a real catalyst when the legislation passes.
I really hope we see a steady hand in the market and not a wild ride today. I prefer to see us not get some kind of massive sell the news event. Some of our peers are seeing 10+% days recently and I'm guessing they will see a sell the news event. Canopy on the other hand has been muted by comparison. Either way, here we go.
Great day for Canada and therefore the world.