The price is moving down towards the previous low at $38. In case the Bears maintain or increase their momentum, the price may touch the price the demand level of $38.
Supply levels: $43, $47, $52
Demand levels: $38, $32, $27
CGC Medium-term Trend: Bearish
On the medium-term outlook, CGC is bearish. The arrival of the Bears is noticed on the 4-hour chart with the formation of the bearish engulfing candle at the supply level at $43. The CGC has started going down at the command of the sellers. The price is moving down towards the previous low at $38.
The Canopy growth Corporation (CGC) price was above the two EMAs yesterday. The sellers have pushed it below the 21-period EMA and the 50 periods EMA. The histogram of the Moving Average Convergence Divergence period 12 is slowly descending below zero levels and the signal line bending down which connotes sell signal. In case the Bears maintain or increase their momentum, the price may touch the demand level of $38.
CGC Short-term Trend: Bearish
CGC price is still bearish on the short-term outlook. The Bears are still in control of the Canopy Growth Corporation market.
The 21 periods EMA has crossed the 50 periods EMA and CGC price is trading below the two EMAs, which indicates that the price may continue trending down.
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