When we looked at the charts of Canopy Growth Corp. (CGC) on Jan. 20 we recommended that traders "Continue to hold longs from previous recommendations. Raise stops to a close below $30. Our nearest price target is $48 for now."
CGC shares are almost at our $48 price target so a fresh look is needed.
In this updated daily bar chart of CGC, below, we can see how the shares have recently strengthened. Prices are firmly above the rising 50-day moving average line and above the rising 200-day moving average line.
The daily On-Balance-Volume (OBV) line has been moving higher to confirm and support the price advance. The Moving Average Convergence Divergence (MACD) oscillator is in a bullish alignment, rising above the zero line.