Canopy Growth Might Be Headed Higher After Its Double Bottom Reversal

Canopy Growth Corp (NASDAQ: CGC) put in a double bottom, co-host Dennis Dick said Thursday on Benzinga's YouTube show "PreMarket Prep."

The stock bounced off of critical support at $25 on Wednesday, DIck said, adding that he "would be a buyer of pullbacks" in Canopy Growth.

SAFE Act: The U.S. House of Representatives passed the Secure and Fair Enforcement (SAFE) Banking Act on April 19 which protects banks serving cannabis companies from being penalized on a federal level. The bill will now go to the U.S. Senate for consideration.

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

The company reported third-quarter earnings on Feb. 9 and is expected to report fourth-quarter earnings on June 1. 

52-Week Range: Canopy Growth made a new 52-week high on Feb. 10 reaching $56.50. The 52-week low for Canopy Growth is $12.95.

CGC Price Action: Canopy Growth was down 2.58% at $26.47 Thursday afternoon at publication.

(Image by 7raysmarketing from Pixabay)