Tilray And Canopy Growth Need A Trend Change: Could SAFE Act Save Them?

4/20 celebrations come during a seasonally bearish time for cannabis-related stocks.

Bulls can still find bullish setups and over-sold bounces, however, and long-term investors can find good entries at the bottom of trends.

Tilray (NASDAQ: TLRY) and Canopy Growth Corporation (NASDAQ: CGC) have been trending downwards since reaching 52-week highs on Feb. 10.

While spring and summer usually cause a low-volume lull in cannabis stocks, the possibility of cannabis-friendly moves in the U.S., such as the passage of the SAFE Banking Act through the Senate, could change the trend this year.

The Canopy Chart: Canopy Growth has been trading in the gap it left behind on Jan. 6 for the past six trading days. Canopy Growth’s stock has been trading in a textbook-perfect downtrend since March 16, making lower highs and lower lows on …

Full story available on Benzinga.com

More Tilray And Canopy Growth Need A Trend Change: Could SAFE Act Save Them?