3 High-Flying Cannabis Stocks with Potential Gains Yet to Be Unleashed
The surge in cannabis stocks has been deemed by some as the new gold rush. Canopy Growth, Cronos, and Kushco Holdings are likely to explode in 2019. | Source: Shutterstock
WhaBy CCN: Over the last 12 months, there has been tremendous hype on cannabis stocks. The widespread legalization in some states in the U.S. and all of Canada caused many stocks related to the pot industry to skyrocket. The surge has been deemed by some as the new gold rush. If you feel like you got left behind, don’t worry.
Some cannabis stocks have corrected over the last few months, and they’re ready to be bought on dips. Here are three cannabis stocks that can go higher this year.
No. 1 Cannabis Stock – Canopy Growth Corporation (CGC)
Canopy Growth Corporation envisions to be the No. 1 marijuana company in the world. Looks like they are on the right track, as the company’s stock is on a multi-year uptrend from a macro perspective. The stock is currently correcting, but it is painting a giant continuation pattern on the weekly chart.
A quick look at the weekly chart shows two bullish signals. First, CGC has managed to keep its diagonal support intact. This means that the market remains bullish for the long-term.
Second, the stock is printing a large ascending triangle pattern. This is a bullish continuation structure supporting our bias that CGC is in an uptrend. If you’re looking to buy this stock, enter the market after it takes out resistance of $50.