Skip to main content

Marijuana stocks: Glance Technologies (ticker GET) or Canopy Growth (ticker WEED)?

A student asked us to comment on either Glance Technologies GET or Canopy Growth Weed (Marijuana) companies. These are two Canadian stocks.

So here is our answer:

Marijuana stocks are on the move. Weed is a trending and controversial industry, that is undergoing intense scrutiny and regulation, while facing lots of market uncertainties. Nevertheless it is a very profitable industry and Walls Street is riding the wave of big profits. The thing to be most caution with this particular industry is that many of the marijuana stocks are for the most part penny stocks with limited liquidity.

Price and volume are very important factors to consider before trading or investing. Price: $5 or greater is better. Daily average volume: 350,000 shares or greater is better.

GLNNF vs. TWMJF

The price patterns of these two companies is bullish, but there is a key difference between the two.

GLNNF is in a pullback mode that started 10 days. Price has violated key support areas, and it seems like the pullback is most likely going to continue.

TWMJF on the other hand is completing a pullback and yesterday (Friday 12/8/2017), price made a tentative breakout with a small increase in volume activity. TWMJF looks like it wants to go higher, where GLNNF looks like is going to consolidate and possibly move lower.

Let's look the two tickers individually.

GLNNF Glance Technologies Inc.

Definitely it is in an uptrend. However the last run that pushed price up to 3.17 was a fifth exhaustion wave. Which means price is due for a 3-wave corrective move, before resuming the previous trend (uptrend in this case).

Right now price is experience the first pullback which actually violated primary support at the bottom of the channel (Image 1) and the bottom of the triangle (Image 2). Looks like price is heading for 1.31 support. If 1.31 holds, price could get a bounce back to 2.07. If it fails, price could drop down to test the 50 SMA (blue line) and the next support at 0.94.

On the other if price is able to return inside the rising channel, with the bottom of the channel becomes as your new support, you could see 3.17, 4.42 and then even 5.96 at the top of the channel (Image 3).

Image 1

Image 2

Image 3

TWMJF Canopy Growth Corporation

Price has being in a consolidation phase for a month, testing various support and resistance areas, including the bottom of the rising channel, which held support and pushed price higher.

Yesterday price was able to close above key resistance, now support, 14.61 (Image 1). It looks like price has even been able to poke out of the upper resistance trend line (Image 2). This could be the beginning of a breakout.

So if next week price is able to break out of the consolidation area (above 15.19), especially with an increase in volume, we could see a run up to 16.97, 18.82 and at some point even 21.07.

But if price fails to breakout and it moves below the 14.61 area, we are back inside the consolidation once again. At that stage this could push price a bit lower to test, first the bottom of the primary rising channel (Image 3) and, if support fails to hold price up, price could reach as low as 13.03, the 50 SMA (blue line) and the bottom of the secondary rising channel, somewhere near 11.50 (Image 4).

Good Trading!

Image 1

Image 2

Image 3

Image 4


Trading Risk Disclaimer

All the information shared is provided for educational purposes only. Any trades placed upon reliance of SharperTrades, LLC are taken at your own risk for your own account. Past performance is no guarantee. While there is great potential for reward trading stocks, cryptos, commodities, options, forex and other trading securities, there is also substantial risk of loss. All trading operations involve high risks of losing your entire investment. You must therefore decide your own suitability to trade. Trading results can never be guaranteed. SharperTrades, LLC is not registered as an investment adviser with any federal or state regulatory agency. This is not an offer to buy or sell stocks, cryptos, forex, futures, options, commodity interests or any other trading securities.

Popular posts from this blog

What to Do When Market Is in the Toilet? Don't Trade OR Day Trade!

As we all know, 2022 has been a painful year, and it continues to be so. What works during a bearish market are a few strategies: shorts, inverse ETFs, holding cash positions and day trading. Today we take a look at ATXI and see how we day traded it. Watch this video to get the technicals. Good trading! Trading Risk Disclaimer All the information shared is provided for educational purposes only. Any trades placed upon reliance of SharperTrades, LLC are taken at your own risk for your own account. Past performance is no guarantee. While there is great potential for reward trading stocks, cryptos, commodities, options, forex and other trading securities, there is also substantial risk of loss. All trading operations involve high risks of losing your entire investment. You must therefore decide your own suitability to trade. Trading results can never be guaranteed. SharperTrades, LLC is not registered as an investment adviser with any federal or state regulatory agency. This is

Kal's Option Trade of the Week - UNG Short Call Vertical

This week we are going in with the Short Call Vertical strategy on UNG (Natural Gas ETF). The reason for choosing this option trade is that the Natural Gas market has been volatile and on a tear for the last few weeks. As contrarians, we will bet it slows down and turns around from here. Purely my assumption, but you can only trade on your own assumptions. :) Watch this video to get the trade details. Hope you enjoy it! Kal Trading Risk Disclaimer All the information shared is provided for educational purposes only. Any trades placed upon reliance of SharperTrades, LLC are taken at your own risk for your own account. Past performance is no guarantee. While there is great potential for reward trading stocks, cryptos, commodities, options, forex and other trading securities, there is also substantial risk of loss. All trading operations involve high risks of losing your entire investment. You must therefore decide your own suitability to trade. Trading results can neve

Bitcoin and Ethereum Funds: Two Unusual Activities That Could Result in a Big Move

Today we take a look at the technicals for Bitcoin and Ethereum. The crypto market has been quiet for several months.   On Friday we detected unusual dark pool activities (large block orders) in the Bitcoin Trust Fund and Ethereum Trust Fund, GBTC and ETHE respectively. When smart money know something, they place large orders in the dark pool exchanges, away from the public eye. By doing so, they are positioning themselves ahead of the crowds, in order to benefit from move that will follow, once the news or report is made public. However, dark pool activities   do not   tell us the direction of the next move. It only tell us that a large order(s) has been placed. Only a breakout (bullish) about a resistance level, or a breakdown (bearish) below a support level can confirm the direction of the next move. So, what can we expect next? Watch this video to find and to get the technical insights.  Good trading! Trading Risk Disclaimer All the information shared is provided for educational

10+ Stocks To Watch Moving Forward. Here Are the Technicals

Today we focus a several tickers including three swing trades that we initiated just a few days ago: ACCD, RBLX and TDOC. Create a watch list, watch this video to get the technicals, and manage your trades correctly. Featuring ACCD AGEN BBBY CHWY GROV LABU LCID LI MRNA MVIS PINS RAD RBLX RIVN SPCE TDOC Good trading! Trading Risk Disclaimer All the information shared is provided for educational purposes only. Any trades placed upon reliance of SharperTrades, LLC are taken at your own risk for your own account. Past performance is no guarantee. While there is great potential for reward trading stocks, cryptos, commodities, options, forex and other trading securities, there is also substantial risk of loss. All trading operations involve high risks of losing your entire investment. You must therefore decide your own suitability to trade. Trading results can never be guaranteed. SharperTrades, LLC is not registered as an investment adviser with any federal or state regulatory age