20-Year Pro Trader Reveals His "MoneyLine"
Ditch your indicators and use the "MoneyLine". A simple line tells you when to buy and sell without the guesswork. It’s a line on a chart that’s helped Nic Chahine win 83% of his options buys. Here's how he does it.
Financial giants have made a conspicuous bearish move on Canopy Gwth. Our analysis of options history for Canopy Gwth (NASDAQ:CGC) revealed 13 unusual trades.
Delving into the details, we found 30% of traders were bullish, while 69% showed bearish tendencies. Out of all the trades we spotted, 2 were puts, with a value of $133,523, and 11 were calls, valued at $454,580.
What's The Price Target?
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $5.0 to $18.0 for Canopy Gwth during the past quarter.
Analyzing Volume & Open Interest
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Canopy Gwth's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Canopy Gwth's whale trades within a strike price range from $5.0 to $18.0 in the last 30 days.
Canopy Gwth Option Activity Analysis: Last 30 Days
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CGC | PUT | SWEEP | BEARISH | 04/12/24 | $5.2 | $5.0 | $5.2 | $15.00 | $104.0K | 12 | 173 |
| CGC | CALL | SWEEP | BULLISH | 04/19/24 | $5.35 | $5.3 | $5.35 | $5.00 | $97.3K | 866 | 192 |
| CGC | CALL | SWEEP | BEARISH | 05/17/24 | $3.8 | $3.45 | $3.52 | $7.00 | $61.2K | 627 | 4.1K |
| CGC | CALL | TRADE | BEARISH | 05/17/24 | $3.3 | $3.15 | $3.14 | $7.00 | $47.1K | 627 | 3.0K |
| CGC | CALL | TRADE | BEARISH | 05/17/24 | $3.75 | $3.5 | $3.54 | $7.00 | $44.2K | 627 | 3.9K |
About Canopy Gwth
Canopy Growth, headquartered in Smiths Falls, Canada, cultivates and sells medicinal and recreational cannabis, and hemp, through a portfolio of brands that include Doja, 7ACRES, Tweed, and Deep Space. Its non-THC products include skincare products under Martha Stewart CBD and Storz & Bickel vaporizers. Canopy growth is attempting to merge its U.S. assets into a separately operated holding company, Canopy USA, which will not be consolidated into the Canadian company's financials.
Having examined the options trading patterns of Canopy Gwth, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Canopy Gwth's Current Market Status
- Currently trading with a volume of 9,428,587, the CGC's price is down by -2.46%, now at $9.93.
- RSI readings suggest the stock is currently may be overbought.
- Anticipated earnings release is in 73 days.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Canopy Gwth with Benzinga Pro for real-time alerts.
20-Year Pro Trader Reveals His "MoneyLine"
Ditch your indicators and use the "MoneyLine". A simple line tells you when to buy and sell without the guesswork. It’s a line on a chart that’s helped Nic Chahine win 83% of his options buys. Here's how he does it.
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