Cannabis Stocks Rally: Canopy, Aurora, SNDL, OrganiGram And Others See Gains
Cannabis stocks are showing signs of recovery, with several major players gaining momentum on Friday.
NASDAQ-listed Canopy Growth (NASDAQ:CGC), Aurora Cannabis (NASDAQ:ACB), SNDL (NASDAQ:SNDL) and OrganiGram Holdings (NASDAQ:OGI), among others, are all seeing upward trends in their stock prices. While each stock shows promise, their outlooks differ based on key technical factors. Let’s break down what’s happening with these stocks and what to watch out for next.
Canopy Growth (CGC)
Canopy Growth is currently trading at $5.39, up 9.67% for the day. The stock has moved above its 9-day moving average of $4.64, a sign of short-term strength. Canopy’s MACD indicator is showing strong bullish momentum, suggesting that buying interest is increasing. However, the stock faces a critical resistance level at $6.00.
If Canopy can break through the $6.00 level, it could continue to rise toward $7.00 or more. But if it struggles to break this barrier, it might fall back to the $4.64 support level, where it has bounced from recently.