I am Still a Canopy Believer Let me clear – Canopy is doing the right things to be the leader in the Canadian MJ sector and the most successful world cannabis producer.
I LOVE the company but HATE the share price manipulation by the traders
I want to be a long holder. I just sold now at $ 10.50 to buy in cheaper later.
Heres is why :
It would have been easy to keep holding do now like Queen Nerfretiti or Doobiebaby when the entry last year or so had the “low hanging fruit” at $ 2 or $ 3 or $ 4. Those buying now at $ 10.00 or so are agonizing & nervous.
The "easy money" has been made and now it is much harder to get profits with all this trading as the company has to prove itself with earnings.
Before October 2016 it was just show me the potential.
Now after Feb 14, 2017 it is “show me the money honey” – especially on the TSX composite where there is professional scrutiny to justify 1.6 billion valuation.
That explains why Aphria is holding up (almost $ 7 with half the market cap and 10 % capacity of Weed) – they have earnings and low OPEX and low hydro costs with all greenhouse. The market like that. Weed is on the cusp of showing its real value.
So if you can’t beat them – Join them – at least temporarily.
I listened to the Chart Guy on Sunday who said if the bulls don’t show up on Monday to follow up on the Friday bull hammer close of $ 10.65 then the medium downtrend will continue.
He also said if $ 10.18 does not hold then it goes $ 9.50 and it that blows it will be $ 8.50 close to the 200 mda. That will cause the stop losses to result in CAPITULATION.
A FANTASTIC BUY THEN !!!!
My prediction :
Blow out phase $ 10.18 to $ 8.50
April 3 2017 to May 2017 – massive SELL the news event
Short term -$ 9.00 to $ 14.00 to $ 17.00
May 2017 to October 2017 after Legislation is TABLED
and after the Q financials show 20 million revenue with earnings
Intermediate Term - $ 14 to $ 17.00 to $ 20.00
October 2017 after Legislation is PASSED
Long term - $ 20 to $ 50.00 and beyond ?? $ 100 - buyout ??
July 2018 to 2020 after Recreational Legislation STARTS