CPI Numbers: Insult to InjuryLooks like we're seeing an overall market correction today in many sectors due to today's CPI
report and the same ol' reaction to the inflationary stranglehold which is killing company profits.
On the bright side, some sectors are looking ripe for buying due to oversold conditions.
My guess is we'll see lower-for-longer s/p ranges in most sectors until the Feds begin cutting
rates which could be months away. Even Gold & Silver prices are getting a haircut.
Canopy has become nothing more than a casino for gamblers who delight in the see-saw thrill
via market upsets/rebounds.
In terms of the s/p, WEED touched the 30/RSI range around $4.66/CAD (3.44 US) oversold.
This is where things get interesting and costly for the short-sellers....how much to gamble
and timing your strategy. It's always about the timing.
Credit to those who will take a risk and get it right but there's nothing I love better than an electrifying short squeeze exit.
In technical arena, share price has re-tested the lows so there's some support at these levels,
we could see a nice bounce/rally off a double/triple bottom. On Feb 1, WEED hit a high of $7.02
so we are down nearly 35% 12 days later. Wow. May have to stock up on some Depends.
This short video on Canopy's technicals accurately depicts potential support/resistance areas.
Price points he gives are in US funds. Good luck one & all...remember to have some
fun out there.