Canopy Growth (TSE:WEED) is listed on the Toronto Exchange but it has applied to be listed on the NYSE. Our own Jim Cramer in his "Executive Decision" segment of MadMoney, sat down with Bruce Linton, chairman, president and CEO of the Canadian-based company. WEED has applied to be the first cannabis company to be listed on the New York Stock Exchange. Canopy hopes to be listed under the ticker "CGC." Let's get a big dish of ice cream and check out the charts.
In this daily bar chart of WEED, below, we can see that prices are breaking above the March highs for a go long signal. WEED is above the rising 50-day line and the bullish 200-day moving average. The daily On-Balance-Volume (OBV) line shows a rise and tells us that buyers of WEED have been more aggressive. The trend-following Moving Average Convergence Divergence (MACD) oscillator just moved back above the zero line for an outright go long signal.
In this weekly bar chart of WEED, below, we can see that prices have been strong in the past two years. Prices are above the rising 40-week moving average line. The weekly OBV line is bullish and the MACD oscillator is narrowing towards a fresh go long signal.
In this Point and Figure chart of WEED, below, shows an upside price target at a slight new high.
Bottom line: WEED looks bullish and is probably headed for new all-time highs. Trade it from the long side and risk below $29 for now.