Canopy Growth Stock Forecast - Daily Balance Of Power
| WEED Stock | CAD 4.04 0.14 3.59% |
Canopy Stock Forecast is based on your current time horizon. Although Canopy Growth's naive historical forecasting may sometimes provide an important future outlook for the firm, we recommend always cross-verifying it against solid analysis of Canopy Growth's systematic risk associated with finding meaningful patterns of Canopy Growth fundamentals over time.
Canopy |
| Previous Daily Balance Of Power | Daily Balance Of Power | Trend |
| (0.39) | (0.65) |
| Check Canopy Growth Volatility | Backtest Canopy Growth | Trend Details |
Canopy Growth Trading Date Momentum
| On February 23 2024 Canopy Growth Corp was traded for 4.56 at the closing time. The highest price during the trading period was 4.60 and the lowest recorded bid was listed for 4.33 . The volume for the day was 825.8 K. This history from February 23, 2024 contributed to the next trading day price boost. The trading price change to the next closing price was 0.22% . The overall trading delta to the current price is 3.52% . |
Balance of Power indicator was created by Igor Livshin to predict asset short term price movements or warning signals. If Balance of Power indicator is trended towards the high of its range it will signify that the bulls are in control. On the other hand when the BOP indicator is moving towards the lows of its range it signifies that the bears are in control. If the indicator move from a high positive range to a lower positive range it signifies that the buying pressure is decreasing. Conversely, if the indicator move from a low negative range to a higher negative range it signifies that the selling pressure is decreasing.
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Other Forecasting Options for Canopy Growth
For every potential investor in Canopy, whether a beginner or expert, Canopy Growth's price movement is the inherent factor that sparks whether it is viable to invest in it or hold it better. Canopy Stock price charts are filled with many 'noises.' These noises can hugely alter the decision one can make regarding investing in Canopy. Basic forecasting techniques help filter out the noise by identifying Canopy Growth's price trends.Canopy Growth Related Equities
One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Canopy Growth stock to make a market-neutral strategy. Peer analysis of Canopy Growth could also be used in its relative valuation, which is a method of valuing Canopy Growth by comparing valuation metrics with similar companies.
| Risk & Return | Correlation |
Canopy Growth Corp Technical and Predictive Analytics
The stock market is financially volatile. Despite the volatility, there exist limitless possibilities of gaining profits and building passive income portfolios. With the complexity of Canopy Growth's price movements, a comprehensive understanding of forecasting methods that an investor can rely on to make the right move is invaluable. These methods predict trends that assist an investor in predicting the movement of Canopy Growth's current price.| Cycle Indicators | ||
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| Volume Indicators |
Canopy Growth Market Strength Events
Market strength indicators help investors to evaluate how Canopy Growth stock reacts to ongoing and evolving market conditions. The investors can use it to make informed decisions about market timing, and determine when trading Canopy Growth shares will generate the highest return on investment. By undertsting and applying Canopy Growth stock market strength indicators, traders can identify Canopy Growth Corp entry and exit signals to maximize returns.
Canopy Growth Risk Indicators
The analysis of Canopy Growth's basic risk indicators is one of the essential steps in accurately forecasting its future price. The process involves identifying the amount of risk involved in Canopy Growth's investment and either accepting that risk or mitigating it. Along with some essential techniques for forecasting canopy stock prices, we also provide a set of basic risk indicators that can assist in the individual investment decision or help in hedging the risk of your existing portfolios.
| Mean Deviation | 3.45 | |||
| Standard Deviation | 5.05 | |||
| Variance | 25.52 |
Please note, the risk measures we provide can be used independently or collectively to perform a risk assessment. When comparing two potential investments, we recommend comparing similar equities with homogenous growth potential and valuation from related markets to determine which investment holds the most risk.
Pair Trading with Canopy Growth
One of the main advantages of trading using pair correlations is that every trade hedges away some risk. Because there are two separate transactions required, even if Canopy Growth position performs unexpectedly, the other equity can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Canopy Growth will appreciate offsetting losses from the drop in the long position's value.Moving against Canopy Stock
| 0.78 | ERE-UN | European Residential Real | PairCorr |
| 0.72 | SEC | Senvest Capital | PairCorr |
| 0.72 | LB | Laurentian Bank | PairCorr |
| 0.69 | FFH-PH | Fairfax Financial | PairCorr |
| 0.69 | Y | Yellow Pages Limited | PairCorr |
The ability to find closely correlated positions to Canopy Growth could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Canopy Growth when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Canopy Growth - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Canopy Growth Corp to buy it.
The correlation of Canopy Growth is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Canopy Growth moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Canopy Growth Corp moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Correlation analysis and pair trading evaluation for Canopy Growth can also be used as hedging techniques within a particular sector or industry or even over random equities to generate a better risk-adjusted return on your portfolios.Check out Historical Fundamental Analysis of Canopy Growth to cross-verify your projections. You can also try the ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.