Positive Chart Action Despite Lagging Price/PerformanceCGC got sandwiched into a rut due to the pending merger news with MT. The chart in some respect could be interpreted as being ugly since the blowoff top on Nov 16. However, despite the negative downward to sideways grind for the past two months, it has been forming a very solid higher base.
In fact the recent price action grind from mid-Dec to today is very similar to what occurred in mid-Oct to the first week of Nov. Despite CGC's lagging stock performance the momentum has already shifted to positive effective the first trading day of 2017.
If history is any guide then this week should be final weakness before a move back up to prior $11 to $11.50 resistance and then possibly an upside breakout towards $14. If CGC mirrored the performance of its peers (where many have already hit or even exceeded their prior mid-Dec resistance high) then it would be trading in low $11's already but instead it is stuck in the mud still below $10.
But I would not be dumping this stock right now due to any impatience or frustration, which I see others posting about now and moving to greener pastures elsewhere, because CGC will catch up quickly in the near future for its current lack of performance. GLTA.