The stock of Canopy Growth Corp (TSE:CGC) gapped down by $0.26 today and has $8.61 target or 8.00% below today’s $9.36 share price. The 7 months technical chart setup indicates high risk for the $1.23 billion company. The gap down was reported on Nov, 22 by Barchart.com. If the $8.61 price target is reached, the company will be worth $98.40 million less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. About 4.43 million shares traded hands. Canopy Growth Corp (TSE:CGC) has risen 331.28% since April 18, 2016 and is uptrending. It has outperformed by 326.72% the S&P500.
More important recent Canopy Growth Corp (TSE:CGC) news were published by: Profitconfidential.com which released: “Canopy Growth: This Is Why Marijuana Stocks Got Crushed Today” on November 21, 2016, also Bloomberg.com published article titled: “Snoop Dogg Partnership Sends Canadian Weed Stock to Epic High”, Profitconfidential.com published: “Marijuana Stocks: This Chart is Bad News for Canopy Growth” on November 18, 2016. More interesting news about Canopy Growth Corp (TSE:CGC) was released by: Bloomberg.com and their article: “Canopy Growth Falls After Wild Ride for Canadian Weed Stocks” with publication date: November 16, 2016.
Canopy Growth Corporation, formerly Tweed Marijuana Inc., is a diversified cannabis company. The company has a market cap of $1.23 billion. The Company, through its subsidiaries Tweed Inc. , Bedrocan Canada Inc. (Bedrocan) and Tweed Farms Inc. (Tweed Farms), is engaged in the business of producing and selling legal marijuana in the Canadian medical market. It currently has negative earnings. It is also focusing on producing and selling marijuana in the recreational market in Canada.
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