Canopy Growth Corp (WEED)

[DrGreenthumb]

ok here's my technical analysis for tomorrow since im on a roll lol...

Tomorrow we have a huge battle on our hands to take out which will be the strongest resistance yet. 4.45 on the low end (5 x 0.89) and 4.60 on the high end (friday's opening price).

Tomorrow morning gap up as usual somewhere between 4.05-4.20

Scenario #1) Gap up to upper teens, maybe 4.20 and off to the races until we hit 4.45 where the resistance begins. If we get to 4.45 within the first hour of trading, we will be breaking this resistance during tomorrows trading day. It will struggle for a few hours to get past the 4.45-4.60 range. If broken, we will blast though 5.00 slowing down at next resistance of 5.25-5.30 and likely close close to 5.00 after profit taking.

Scenario #2) Gap up to 4.05 range and slower beginning. Eventual rally will bring it up to 4.45 where it will struggle. If we are range bound between 4.30 and 4.50 for too long, we will not be breaking resistance tomorrow and will likely close between 4.25-4.40 ... Although this seems like a worse outcome, it will create a healthier trend than the parabolic trend it is currently experiencing.

Bottom line... tomorrow is the biggest resistance yet. 4.45-4.60 ... Do not buy within that range. Buy before or after. Just my 2 cents. Good luck and happy trading gents.