In case the bullish candle breaks up the $43 level and close above the level, the Bulls may push the CGC price up to $47. The sellers may take over, in case the $43 level holds the price.
Supply levels: $43, $47, $52
Demand levels: $38, $32, $27
CGC Medium-term Trend: Bearish
CGC is bearish on the medium-term outlook. On April 30 the Bulls momentum topped CGC price at the high level of $52. At the same level, the formation of Bearish engulfing candle was noticed; this is a bearish reversal candle which indicates the presence of the sellers with high momentum. Thus, the price descended broke down the former demand level of $47 and $43 levels. On June 03, the CGC price was bottomed at $38 with the aid of the Bears. The price bounced at the level and rally towards $43 supply level by the Bulls pressure.
Canopy growth Corporation (CGC) price is trying to cross over the 21-period EMA and the 50 periods in other to establish a bullish trend. The Moving Average Convergence divergence period 12 with the histogram is above zero level and the signal line pointing up to indicate a buy signal.
CGC Short-term Trend: Bearish
On the short-term outlook, CGC is on the bearish trend. CGC price action has formed a descending channel on the 1-hour chart. On June 11, the price reached the supply level of $43 after bounced at $38 demand level. It seems the Bulls momentum is getting weak and the sellers may take over in case the $43 level holds the price.
In case the bullish candle breaks up the $43 level and close above the level, the Bulls may push the CGC price up to $47