It's very likely this plays out bearishly as a descending triangle, Canopy recently released earnings & the price continued to sell off immediately in the days following, despite the financials improving from previous quarters, and despite strong beverage sales the market seems to favor the U.S focused MSO's at the moment.
Canopy will need some compelling news to break this pattern to the upside.
Canopy is displaying a Symmetrical Triangle pattern as well, notice the green upward sloping line of support, Symmetrical triangles differ from ascending triangles and descending triangles in that the upper and lower trendlines are both sloping towards a center point. In contrast, ascending triangles have a horizontal upper trendline, predicting a potential breakout higher, and descending triangles have a horizontal lower trendline, predicting a potential breakdown lower. Symmetrical triangles are also similar to pennants and flags in some ways, but pennants have upward sloping trendlines rather than converging trendlines.
Canopy will need some compelling news to break this pattern to the upside.
Canopy is displaying a Symmetrical Triangle pattern as well, notice the green upward sloping line of support, Symmetrical triangles differ from ascending triangles and descending triangles in that the upper and lower trendlines are both sloping towards a center point. In contrast, ascending triangles have a horizontal upper trendline, predicting a potential breakout higher, and descending triangles have a horizontal lower trendline, predicting a potential breakdown lower. Symmetrical triangles are also similar to pennants and flags in some ways, but pennants have upward sloping trendlines rather than converging trendlines.
