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Canopy Growth (CGC) Bull Flag Forming

Shares of marijuana player Canopy Growth (CGC) continue to trade sideways to lower after an over 50% surge just a couple weeks ago. This trading action is known as consolidation and signals another leg higher soon. A few things to keep note of. End of year tax loss selling may hamper its surge into year end, keeping the stock neutral to slightly higher form here. However, the lack of selling in January (once tax loss selling has concluded) is likely to yield as much as another 50% upswing. The key is to accumulate in these final few weeks of the year and be fully invested in January for the move.

 

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