Canopy Growth Corp (CGC)

cgc-300x155 Major Moves in Cannabis Stocks - Price Analysis for Sept 4

Since the last post, we were waiting for Canopy to pull back after its explosive move upward. We see here that it pulled back on Tuesday (5) and that so far, the bulls seem to be holding CGC above that level. However, take a look at the volume. Given the decrease in volume and with a three-day weekend coming up in the US, we are now looking for either a follow through with a break above (4), or a deeper correction below (5). It looks like CGC is continuing its rise at it just broke above the previous high, advancing once again into record territory (6).

 

Aurora Cannabis (ACBFF)

aurora-300x156 Major Moves in Cannabis Stocks - Price Analysis for Sept 4

We mentioned in the last post to be wary of Aurora Cannabis’ price action, the doji bar at (2) signaling potential indecision or a limit beyond which buyers are unable to maintain the stock’s forward momentum. It appears that we have a repeat of that movement but at higher price levels (3). But look at the dwindling volume. So if ACBFF were to maintain its uptrend, it would have to stay above (1) and eventually breakout above (3). And preferably, the breakout would constitute a “real” follow-through, meaning with substantial volume backing it.

 

GW Pharmaceuticals (GWPH)

gwph-300x155 Major Moves in Cannabis Stocks - Price Analysis for Sept 4

Since the last post, GW Pharma, as if predictably, conforms to the downtrend price action model that has characterized its movements over the last few months. Nevertheless, the bearish move took place at relatively low volume (see volume graph below). We’re looking to see whether price moves below the last swing low which would characterize a continuing downtrend. If it doesn’t, and if it bounces off support, then perhaps this may indicate either a trend change or reversal.

 

Aphria (APHQF)

aphria-300x156 Major Moves in Cannabis Stocks - Price Analysis for Sept 4

We were expecting a pullback, but the 10.32 swing low didn’t provide much of one before the Aphria swung back toward the upside. Although the price surge seems quite dynamically bullish, be aware that the momentum in volume is dwindling. This should serve as a cautionary reading, as a genuine follow through has the attributes of strong volume. We may or may not see this in the coming sessions.

 

Cronos Group (CRON)

cron-300x155 Major Moves in Cannabis Stocks - Price Analysis for Sept 4

Since we last visited this chart, we got the pullback we were waiting for, as price seems to bounce off the anticipated 8.20 support range. However, note that the bounce back, one which appears to have happened rather quickly for such a steep rise, failed to take out the high of 12.89. Plus, the volume of the surge is taking place with dwindling volume; technically not a good sign.

 

CannTrust Holdings (CNTTF)

cnttf-300x155 Major Moves in Cannabis Stocks - Price Analysis for Sept 4

Here’s what to look at, at least from a technical perspective. Look at (2). When we last analyzed the price movements here, the volume level at (2) accompanying the stock’s rise was comparatively huge (you’ll have to go back to last week’s analysis). Price pulled back as anticipated, and although the following rise in price didn’t come near taking out the previous swing high of 8.42, look at the tremendous volume at (3) which practically dwarfed the volume at (2). This is the kind of volume that we like to see during a follow through. The only thing missing is the price movement itself. But this also might be indicative of subsequent bullish movement in the sessions to come a there are plenty of bulls rushing in to buy CNTTF.

 

Green Organic Dutchman Holdings (TGODF)

tgodf-300x155 Major Moves in Cannabis Stocks - Price Analysis for Sept 4

Green Organic Dutchman bulls are seeking to hold above the 5.22 level. What’s notable is the bullish volume in this most recent move is far greater than any it has seen since it began trading last May. This kind of price action indicates a likely continuation; a good sign for TGODF, which is the youngest of all the stocks thus covered.

 

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