Canopy Growth Corp. (CGC) is in the news today. They reported their fiscal Q4 results and also recorded impairment and restructuring charges of $743 million, the majority of which are non-cash charges. I will leave the fundamental analysis and numbers crunching to others but use this time to check on the charts and indicators.
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This reminds me of 1999 to 2000, but the big lesson during that time was that the crazy uptrend can persist much longer than seems reasonable.
While we face some absolutely insane moves, we have to ask: Where are the sellers?
All the current indicators from trend to momentum to price action sit in a bullish position as the stock breaks above resistance.
The spot market is above the $1,800 threshold.