Increase in the Bears’ momentum may return the price to the previous low of $38 level provided there is no much interruption from the Bulls.
Supply levels: $43, $47, $52
Demand levels: $38, $32, $27
CGC Medium-term Trend: Bearish
CGC is bearish on the medium-term outlook. The bullish momentum that started on June 03 at the demand level of $38 reached the supply level at $43 yesterday. The Bulls were unable to break up $43 level because the Bears defended the level. Currently, the Bears are pushing down the price towards the previous low of $38 price level.
Canopy growth Corporation (CGC) price could no longer cross over the 21-period EMA and the 50 periods but rather trading below the two EMAs. The Moving Average Convergence Divergence period 12 with the histogram is faintly going down below zero levels and the signal line trying to bend down as a sign of sell signal. Increase in the Bears’ momentum may return the price to the previous low of $38 level provided there is no much interruption from the Bulls.
CGC Short-term Trend: Bearish
CGC price is bearish on the short-term outlook. The Bears rejected a further increase in price. Another bearish engulfing candle has formed; this is an indication that CGC price may drop further. The CGC price respected the upper trend line of the channel that is it continues trading within the channel.
CGC price is trading below the 21 periods EMA and 50 periods EMA, which indicates that bearish momentum is increasing.
Please note: Dapplife.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.