HEXO Corp. HEXO shares turned green Thursday after the company reported a 94% year-over-year increase in second-quarter revenue, but were pulling back later in the session.
The stock was down 1.54% at $7.65 at last check.
Hexo Short-Term Technical Levels To Watch: The 5-minute chart shows what technical traders may call an “ascending triangle” pattern. The stock built higher lows up to $8, a level it was previously unable to break. Looking at Thursday's chart, traders may say the stock has broken out of this pattern.
The $8 mark may now be thought of as a potential short-term support level after the stock was able to cross it. Short-term resistance may be found near the premarket high of $9.74.
The stock is trading above the 200-day moving average (blue), giving the stock short-term bullish sentiment. The stock is trading below the volume-weighted average price (pink).
The stock sitting between these indicators may bring about sideways movement until the price breaks one of them.
Hexo Daily Chart Analysis: The daily chart shows $6 as a potentially key level. This was an area the stock broke above and later retested as support.
The stock has been forming higher lows throughout the past year. Bills would like to continue to see higher lows being formed. Bears may be able to see what technical traders would call a “head and shoulders” pattern forming. The pattern would be confirmed if the price is able to cross below the $6 level and push lower.
The stock trades with a market cap of $949 million and a public float of 115.8 million shares.
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