The buyers are gaining the strength gradually and the price is sluggishly increasing. The price is trying to penetrate the two EMAs.
Supply levels: $43, $47, $52
Demand levels: $38, $32, $27
CGC Medium-term Trend: Bearish
On the medium-term outlook, CGC is bearish. The CGC price remains bearish until the Bulls push up the price to break up the supply level of $43 and the bullish candle closes above the level. The buyers are gaining the strength gradually and the price is sluggishly increasing. The price is trying to penetrate the two EMAs.
The 21 periods EMA is in direct contact with the Canopy growth Corporation (CGC) price and the 50 periods EMA is above them, this implies that the Bulls are taking over very soon. Meanwhile, the Stochastic Oscillator period 14 is above 25 levels with the signal lines pointing up to indicate a buy signal.
CGC Short-term Trend: Bullish
On the short-term outlook, the CGC price is Bullish. The CGC price has crossed over the 21 periods EMA and 50 periods EMA. The 21 periods EMA is almost complete the crossing over of the 50 periods EMA; all are the signs of bullish movement.
However, the Stochastic Oscillator period 14 is below 75 levels pointing down to connotes sell signal, which may be a pullback.
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