Canadian CANNAINVESTOR Magazine May 2017 - Page 115


Canopy Growth (TSX:WEED; OTC:TWMJF) present day

As we see with the present day chart, that early February ‘pop’ I eluded to ended up marking the top for Canopy in 2017 (so far) and their share price has now moved to a point where it is negative in 2017, which if you would have told me 6 months ago I likely wouldn’t have believed you. The chart was giving the technical analyst signs though and so rather than saying to myself “well this just can’t be right, this is Canada’s biggest company in the space and I’m going to hold because ‘they’ aren’t going to take my shares”, I didn’t try to fight the market. Canopy crossed $13/share and then failed to ever break that previous high and in fact did much of the opposite – creating a constant stream of lower lows and lower highs. The fact that these sell off days were coming on increased volume as I outlined in the chart is all the more telling.