Although I don’t smoke pot myself, I have twice before written about a marijuana company trading on the Toronto exchange. When I first wrote about Canopy Growth Corp., it had just topped C$4.50. I revisited the company a bit later, as it broke C$6.50. As you can see in the chart above, that was just the beginning: It briefly touched C$18, but I had already taken my profits.
Now, I’m back into pot. What I see in the chart above is a bull flag (which I wrote about in one of my earliest columns), so I have bought some more. The chart above shows the flag, and in the PPO panel I have circled a buy signal, which just began showing today.
I don’t expect the next move to be as spectacular as the last big one, but in my view the potential more than justifies the risk.
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