Yesterday’s selloff caught a few folks off guard. Its broad base didn’t really spare anyone, except for cannabis stocks. One, in particular, that needs immediate attention.
I’ve been a fan of this sector for a while. In particular, I like Canopy Growth (NYSE:CGC). The hourly chart looks really good here.
CGC Hourly Chart
I highlighted the current consolidation area. Price jumped higher a few days ago and has been sliding sideways. While it did break below the lows for a little bit, it recovered yesterday. When the rest of the market was rolling over, this stock made another move higher and then a sideways consolidation. Here is what I’m looking at zoomed in a little closer.
CGC Hourly Chart
With the entire sector running pretty hot, this stock looks like it wants to take out the recent highs of $23.90. The stop would be at a close below the recent lows.
