Canopy Growth, Tilray both fall after Thursday's surge

Canopy Growth, Tilray both fall after Thursday's surge

Canopy Growth Corp. CGC and Tilray Brands Inc. TLRY fell over 13% and 11% at one point Friday after skyrocketing on Thursday.

As President Joe Biden announced his plans to pardon all those who have been convicted of marijuana possession, and those who have been convicted in Washington, DC. The prices went up.

The midterm elections are near, where at least five states have legalized adult-use cannabis on the ballot.

Thursday s surging prices in the cannabis sector didn't seem to be holding despite the news. If a stock moves too quickly, a retracement becomes the most likely scenario, but the higher prices on Thursday confirmed that both Canopy Growth and Tilray are trading in an uptrend.

The Canopy Growth Chart: Canopy Growth reversed into an uptrend on September 23. The most recent higher low within the pattern was formed on Thursday at $2.92 and the most recent higher high was printed at the $3.83 mark on that same day.

Tilray ran up to start Friday's trading session but ran into a group of sellers who knocked the stock back into Thursday s range.

The stock broke down below the 50 day simple moving average SMA, but the bulls propped the stock back up above the level, which is a good sign for the bulls.

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