Canopy Growth reported quarterly revenue of CAD$155 million ($122.14 million), which was down from CAD$169.9 million year-over-year. The company reported a quarterly earnings loss of CAD$0.28 per share, which was up from a loss of CAD$2.43 per share year-over-year.
Canopy Growth was up 14.82% at $8.83 at time of publication.
See Also: Canopy Growth Shares Are Trading Higher Today, Analysts Tell Us Why
Canopy Growth Daily Chart Analysis
What’s Next For Canopy Growth?
Canopy Growth is seeing clues that a possible reversal may happen. For this to be confirmed, the stock will need to cross above the resistance level and begin to form higher lows above resistance as well maintain at least 50 on the RSI.
This is what bullish traders are looking for as well as the price to continue to climb and cross above the 200-day moving average. Bearish traders want to see the price get rejected at the resistance level and for the stock to continue to trade within the channel.
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