Reefer Madness: Here's The Trade
InTheMoneyStocks.com | Dec 12, 2018 04:04PM ET
The marijuana industry has been on fire lately. Politicians seem to be pushing more proposals to make recreational pot legal. Large companies like Constellation Brands (NYSE:STZ) and Altria (NYSE:MO) have made large investments in marijuana companies such as Cronos Group (NASDAQ:CRON) and Canopy Growth (NYSE:CGC).h3 Watch This Stock/h3
Canopy Growth is the one marijuana stock that is now on my radar. The stock topped out in October at $59.25 a share. Since that pivot high, the shares have fallen sharply and now trade around $32.80. I will be watching the $26.00 level closely for a possible long-side trade. This is where the stock broke out in August 2018 and it should be a level that is defended by the institutional crowd if retested.
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