Marijuana Names Finish Their Pullback

Canopy Growth Corp was pausing when I wrote about the chart back in February after a nice push to test the highs. After gently pulling back for two months, Canopy looks like it is poking through the 8-month trend line. The relative strength is very close to the highs hit in February. While the volume trend has perked up in recent days, it also surged on Friday as it blew through the trend line. The momentum in the lower panel is starting to improve again. It has just pushed into positive territory.

As the trail blazer for the industry, Canopy looks like it is ready to continue the advance. There are a lot of other charts in the industry are starting to roll up.

More names continue to list on the US exchanges after starting as public traded companies on the Canadian side of the border. HEXO listed on the NYSE in February, and now that the hype has calmed down, the start looks like it is making a move for another leg higher. Check out the all-time highs on big volume on Friday. Everything else on the chart is pushing higher and the momentum shown by the PPO is just starting to surge again.

Organigram announced on Friday that it will list on the Nasdaq. The chart has just pulled back to support. With the momentum pulling back to the zero line, it looks set up to surge higher with Friday’s news after the close. The stocks in this group are volatile but holding on around the $8.50 level looks like a good level to expect support.

Tilray was a high flier and launched all the way to $300. After the chart pulled back to $50, we’ll see what happens if this stock starts to pop again. There is lots of interest in this name.

Cronos is dually listed on both sides of the border as well. After gently pulling back to the support level, it looks like CRON is ready to turn higher. The down trend in relative strength shown in purple is breaking which is another positive.

There are a lot of great charts in the industry group. These charts are leaders for this group and they look like they are finished the pullback. It suggests to me they are ready to go higher.