Canopy Growth Corp Stock Pattern Recognition Kicking bull or bear determined by the longer marubozu
| WEED Stock | CAD 4.50 0.13 2.81% |
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Recognition |
The function did not generate any output. Please change time horizon or modify your input parameters. The output start index for this execution was eleven with a total number of output elements of fifty. The function did not return any valid pattern recognition events for the selected time horizon. The Kicking - bull/bear determined by the longer marubozu is one of the most powerful patterns that may predict Canopy Growth bearish trend reversal.
Canopy Growth Technical Analysis Modules
Most technical analysis of Canopy Growth help investors determine whether a current trend will continue and, if not, when it will shift. We provide a combination of tools to recognize potential entry and exit points for Canopy from various momentum indicators to cycle indicators. When you analyze Canopy charts, please remember that the event formation may indicate an entry point for a short seller, and look at other indicators across different periods to confirm that a breakdown or reversion is likely to occur.| Cycle Indicators | ||
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About Canopy Growth Predictive Technical Analysis
Predictive technical analysis modules help investors to analyze different prices and returns patterns as well as diagnose historical swings to determine the real value of Canopy Growth Corp. We use our internally-developed statistical techniques to arrive at the intrinsic value of Canopy Growth Corp based on widely used predictive technical indicators. In general, we focus on analyzing Canopy Stock price patterns and their correlations with different microeconomic environment and drivers. We also apply predictive analytics to build Canopy Growth's daily price indicators and compare them against related drivers, such as pattern recognition and various other types of predictive indicators. Using this methodology combined with a more conventional technical analysis and fundamental analysis, we attempt to find the most accurate representation of Canopy Growth's intrinsic value. In addition to deriving basic predictive indicators for Canopy Growth, we also check how macroeconomic factors affect Canopy Growth price patterns. Please read more on our technical analysis page or use our predictive modules below to complement your research.
| 2020 | 2021 | 2022 | 2023 (projected) | Days Sales Outstanding | 61.72 | 47.84 | 62.02 | 63.69 | PTB Ratio | 4.31 | 1.03 | 1.45 | 1.52 |
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Canopy Growth Corp pair trading
One of the main advantages of trading using pair correlations is that every trade hedges away some risk. Because there are two separate transactions required, even if Canopy Growth position performs unexpectedly, the other equity can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Canopy Growth will appreciate offsetting losses from the drop in the long position's value.Canopy Growth Pair Trading
Canopy Growth Corp Pair Trading Analysis
The ability to find closely correlated positions to Canopy Growth could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Canopy Growth when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Canopy Growth - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Canopy Growth Corp to buy it.
The correlation of Canopy Growth is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Canopy Growth moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Canopy Growth Corp moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Correlation analysis and pair trading evaluation for Canopy Growth can also be used as hedging techniques within a particular sector or industry or even over random equities to generate a better risk-adjusted return on your portfolios.Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in Canopy Growth Corp. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in board of governors. You can also try the Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.