AAPL 190.615 -3.2313% MSFT 356.3901 -3.0969% NVDA 95.26 -6.1385% GOOGL 146.34 -3.1887% GOOG 148.62 -3.0908% AMZN 165.59 -4.067% META 483.025 -3.6801% AVGO 161.805 -5.3717% LLY 809.03 -3.6823% TSLA 223.7399 -7.3042% TSM 147.28 -2.9392% V 318.115 -3.4875% JPM 227.27 -2.0219% UNH 430.0 -5.3093% NVO 58.005 -0.1291% WMT 91.56 -1.7807% LVMUY 107.85 -1.5428% XOM 104.42 -2.3382% LVMHF 538.5 -2.6221% MA 505.115 -2.3612%
Exit Case: Bitfarms Ltd. (NASDAQ: BITF)
Bitfarms Ltd. (NASDAQ: BITF) is a Canada-based global vertically integrated bitcoin mining company. The Company develops, owns, and operates vertically integrated mining farms with in-house management and Company-owned electrical engineering, installation service, and multiple onsite technical repair centers. BITF has been a part of the 'Momentum Model Portfolio' since Jul 12, 2024. Therefore, an 'Exit' stance from the Momentum Model Portfolio is recommended on the stock at the current market price of USD 3.01 as on Jul 18, 2024 (6:40 am PDT).
BITF’s Daily Chart
New Entry Case: Canopy Growth Corporation (NASDAQ: CGC)
Overview: Canopy Growth Corporation (NASDAQ: CGC) is a cannabis and consumer packaged goods (CPG) company. The Company delivers innovative products with a focus on premium and mainstream cannabis brands, including Doja, 7ACRES, Tweed, and Deep Space.
Technical Analysis: On the daily chart, Canopy Growth Corporation's (CGC) price has been exhibiting a series of higher lows, indicating a possible trend reversal and hinting at a potential upside momentum in the near term. This upward trend is further reinforced by the stock's recent signs of bottoming out, suggesting that CGC is poised to break out of its current consolidation phase. As the company continues to demonstrate resilience and stability, the likelihood of a sustained uptrend increases, with a potential retest of its previous highs or even new all-time highs on the horizon. With its daily chart displaying a clear uptrend, CGC appears well-positioned to capitalize on its momentum and drive gains in the near term.
CGC is recommended as a new entry in the 'Momentum Model Portfolio' as on Jul 18, 2024. Considering the technical analysis, support and resistance levels, an 'Entry' is recommended in the 'Momentum Model Portfolio' at the Current market price of USD 7.80 as on Jul 18, 2024 (6:44 am PDT).
CGC’s Daily Chart
Support and Resistance Summary
Note 1: Past performance is neither an Indicator nor a guarantee of future performance.
Note 2: The reference date for all price data, and currency as of Jul 18, 2024. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings.
Disclaimer
This information should not be relied upon as personal financial advice by Kalkine on (i) the stocks or (ii) the use or suitability of the model portfolios. Only an investor knows about their circumstances to make an investment decision.
Model Portfolio has been prepared for illustrative purpose only and does not take into account the objectives, financial situation or needs of any particular investor. Accordingly, investors should, before acting on the information, consider its appropriateness, having regard to their objectives, financial situation and needs. Past performance is not necessarily indicative of future performance results. Actual investment returns will vary, and the value of investments can go up or down.
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