The Canadian Technician

Someone Is Lighting Up Marijuana Stocks (WEED.TO)

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Recently one of Canada's Marijuana related companies changed their ticker symbol to WEED.TO and since then the stock has started to trade a little better. The company's previous ticker was CGC.TO for Canopy Growth Corporation. Here is the chart. The company changed the ticker symbol 5 days ago.


Marijuana is the new party stock. Discussed at every house party, discussed at every bar, this is sure to bring in millenial investors. For technical traders, it's a ticker symbol to invest in while it's rising not falling.

Currently, the breakout looks good. After the parabolic surge and a 60% pullback in November, this weed stock looks to be getting more puffs after basing for 2 months. 

Understanding parabolic trading is one of the most important styles a technician can manage that is rarely successful as a fundamental trader. I'll spend some time on The Canadian Technician Webinar 2017-02-07 at 5 PM ET discussing the all of the marijuana stocks I have in a chartlist. I'll also send StockCharts members a copy of the chartlist with all of the stocks in it. Just send me an email at gregs@ to get a copy! If you are not a member, click here to sign up for a 10 day free trial which will make you eligible so I can transfer this chartlist to you! Use BESTCHARTS for the coupon code.

Good trading,
Greg Schnell, CMT, MFTA.

 

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Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is also the author of Stock Charts for Dummies (Wiley, 2018). Learn More
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