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Canopy Growth Corp. (NASDAQ:CGC) shares are trading lower after the stock received a downgrade from Piper Sandler to Underweight.
The stock has been trading in a steady downward trend for the past few months and looking to see if it can make a reversal.
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Canopy Growth was down 9.8% at $8.65 at time of publication.
See Also: How To Buy Canopy Growth Stock
Canopy Growth Daily Chart Analysis
- Shares have been attempting to cross above the $60 level for a time, as it has held as a strong resistance area for the stock. The higher low trendline in the ascending triangle pattern has been broken, as the stock was unable to break out and still holds the $60 level as resistance.
- The stock trades below both the 50-day moving average (green) and the 200-day moving average (blue). This indicates bearish sentiment, and each of these moving averages may hold as an area of resistance in the future.
- The Relative Strength Index (RSI) continues to stay low and sits at 32 on the indicator. This shows the stock is near the oversold area and is seeing many more sellers than buyers. If the RSI continues to stay low, the price will likely continue to fall.
What’s Next For Canopy Growth?
Canopy Growth has been in a strong downtrend for the past few months. As long as the price stays within the channel and trades below the moving averages, bears will be in control of the stock. Bears are looking to see the stock stay within this pattern and see the price continue to fall lower. Bulls are looking to see the stock cross above pattern resistance for the stock to possibly start an uptrend.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.