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Technical Wizard Charting Man Dan on Bearish Reaction to Cannabis Earnings
Charting Man Dan McDermitt of The Chart Guys discusses the consistent bearish reaction to earnings statements in the cannabis space. McDermitt suggests the market got ahead of itself in terms of company valuations in the lead-up to rec legalization in Canada and indicates it makes no sense for bulls to jump into the space right now when investors are getting bearish reactions. Charting Man Dan provides technical analysis of an interlaid chart of the S&P 500 and Canopy Growth Corp (NYSE:CGC) and walks viewers through a day trade. When examining the Canadian cannabis space, McDermitt looks at five large cap producers: Canopy, Tilray Inc (NASDAQ:TLRY) (FRA:2HQ), Aphria Inc (NYSE:APHA), Aurora Cannabis Inc (NYSE:ACB), and Cronos Group Inc (NASDAQ:CRON). He notes that Cronos has held up better than its peers and worries that if Aurora breaks the $7.25 mark it has the potential for a double bottom.