What's Happening With Canopy Growth: Is It Time To Buy?

Canopy Growth Corporation‘s (NASDAQ:CGC) stock has fallen significantly from its recent highs in May 2024.

After reaching a peak of $16.41, the stock now trades around $3.93, raising questions about its potential for recovery and long-term investment viability. In this article, we take a closer look at Canopy’s medium-term performance and provide insights for investors who might be curious about this key industry player.

Fibonacci Analysis: Key Resistance And Support Levels

A Fibonacci retracement analysis shows that the stock has retraced to the 78.6% level (circa $3.86), a critical support point. Holding above this level could trigger a potential bounce, while failure to do so risks further declines toward the pre-rally starting point of $2.57.

On the upside, the 61.8% retracement level (circa $6.36) represents a significant resistance zone. The ...

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