Look at the Charts

Hilary Kramer

Hilary Kramer is an investment analyst and portfolio manager with 30 years of experience on Wall Street.

Until the Big Cannabis cultivators start showing Wall Street solid operating numbers, they’ll remain the territory of short-sellers and swing traders. At the moment, the swing favors the bulls.

Canopy Growth Corp. (NYSE:CGC) is up a healthy 5.8% this week. More importantly, it has tested and proved that it can hold 50-day support above $16.70.

That’s now the floor that cannabis bears need to respect. They tried to push CGC below that line this week and failed.

If CGC can successfully recover the 200-day trend as well, the giant in the industry may be ready to launch a more sustained rally. That’s only another 5% leap from here.

Likewise, while Tilray Corp. (NASDAQ:TLRY) surged a healthy 15% this week, I see room for at least another 6% in upside before the bulls hit serious resistance.

There’s an opportunity to make a little easy money here. And if TLRY clears $8.48, the stock has a lot of open skies above. We just have to get there first.

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