brunskovic

HS pattern in strong downward channel - WEED

TSX:WEED   CANOPY GROWTH CORPORATION
Weed has formed an almost complete head and shoulder pattern. It formed perfectly within the strong downward channel (green dotted lines). I expect we are going to see price falling at least towards 23.5 but most likely towards 21.4. If that last called scenario is confirmed a descending wedge is forming with the purple line and green dotted top line of the downward channel . IMO             this could lead into an upwards breakout and a turn around into some bullish price movement.

I'm learning. Please let me know what you think of this analysis.
agreed heading lower...50 dma is acting as strong resistance now too
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Are you awear that quartely results beat expectations?
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brunskovic JohnCDA17
@JohnCDA17, Thanks. Yes just saw they released financial results. Didn't take that in account at all. Beginners fault.. Like I said.. great lesson. Once again. Thanks for taking some time to respond!
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JohnCDA17 PRO brunskovic
@brunskovic, im also fairly new at trading, but those patterns should be at least 3 to 4 weeks length minimum. I also saw a cup and handel but the pattern was about 4 to 5 days which means nothing !
I would hope for WEEDER to go as high as 35$ today but it will come back down...
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brunskovic JohnCDA17
@JohnCDA17, You might be right but there are a lot of experienced traders/charters who called an inverse head and shoulders pattern on BTCUSD. That pattern was formed within 2 weeks.
Like this guy.
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Are you awear that quarter beat expectations?
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