The sideways action came after a months-long downtrend after Canopy Growth and Tilray climbed in unison and reached highs of $56.50 and $67, respectively, on Feb. 10. Both stocks then found their bottom on May 13 and have since traded in tight ranges on low volume.
On Wednesday both stocks dropped again, trading down around 4% intraday. Canopy Growth and Tilray may be about to reverse the trend, however, as both fell into support:
- Canopy Growth found support at $21.72 and wicked up from the level. Combined with the test of support on May 13, the stock could be creating a bullish double bottom pattern.
- Similarly, Tilray dropped into a support zone near the $15.71 mark and bounced.
- See Also: Tilray's First Harvest And Distribution Of Medical Cannabis In Germany Successfully Completed
Policy Changes: On Wednesday, the FBI updated its policy for new employees. The government agency will now consider candidates who have not used cannabis within the year before their application. Previously the FBI required candidates to have not used cannabis within the three years prior to their applying or employment.
Despite news of the FBI’s policy change, Canopy …