Canopy Growth (CGC) Plunges After Earnings, Here’s The Trade

President & CEO Chief Market Strategist at IntheMoneyStocks.com • Nov 14, 2019 at 12:00 PM EST

This morning, leading cannabis stock, Canopy Growth Corp (NYSE:CGC), is plunging lower by 17.5% after reporting earnings that failed to excite Wall Street.

This morning, leading cannabis stock, Canopy Growth Corp (NYSE:CGC), is plunging lower by 17.5% after reporting earnings that failed to excite Wall Street. The trend in all of the leading cannabis stocks has been down since early May 2019. In fact, CGC stock topped out on April 30, 2019 at $52.74 a share. Today, CGC stock is trading at $15.40 a share which is about 70.0% lower than it’s April 2019 peak. The only major support level that I can find for the stock is around the $12.00 area. This is a spot where stock broke out in October 2017. Often, when stocks retest their former breakout areas they will be defended by the institutional crowd. I will be a buyer of CGC down around this important support area.

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