Cannabis Stocks Rally: Canopy, Aurora, SNDL, OrganiGram And Others See Gains

Cannabis stocks are showing signs of recovery, with several major players gaining momentum on Friday.

NASDAQ-listed Canopy Growth CGC, Aurora Cannabis ACB, SNDL SNDL and OrganiGram Holdings OGI, among others, are all seeing upward trends in their stock prices. While each stock shows promise, their outlooks differ based on key technical factors. Let's break down what's happening with these stocks and what to watch out for next.

Canopy Growth (CGC)

Canopy Growth is currently trading at $5.39, up 9.67% for the day. The stock has moved above its 9-day moving average of $4.64, a sign of short-term strength. Canopy's MACD indicator is showing strong bullish momentum, suggesting that buying interest is increasing. However, the stock faces a critical resistance level at $6.00.

If Canopy can break through the $6.00 level, it could continue to rise toward $7.00 or more. But if it struggles to break this barrier, it might fall back to the $4.64 support level, where it has bounced from recently.

Chart created using Benzinga Pro

Aurora Cannabis (ACB)

Aurora Cannabis is up 6.67%, trading at $6.05. Like Canopy, it is trading above its 9-day moving average of $5.71, signaling bullish momentum. The MACD indicator is also positive, though Aurora's recovery has been more gradual than Canopy's.

Aurora's next resistance is at $6.50. A breakout above this level could see the stock head toward $7.00, but if the stock fails to break through, it could pull back to its $5.71 support level.

Chart created using Benzinga Pro

Read Also: Cannabis Companies Delisted From Major Stock Exchanges In 2024: What Went Wrong?

SNDL (Sundial Growers)

SNDL is trading at $2.25, up 6.40%, and has crossed above its 9-day moving average of $2.07. The MACD is showing increasing buying pressure, but SNDL is known for its volatility. The stock faces resistance at $2.27, a level it has struggled with in the past.

If SNDL can break through $2.27, it could reach $2.50, but if it fails, a pullback to $2.07 is possible.

Chart created using Benzinga Pro

OrganiGram Holdings (OGI)

OrganiGram is trading at $1.90, up 6.15%. It's above its 9-day moving average of $1.79, and the MACD is showing a slight bullish signal. OrganiGram faces a key resistance level at $2.00. If it breaks through this, it could see further gains toward $2.20. But if the stock fails to pass $2.00, it may consolidate around $1.79.

Chart created using Benzinga Pro

All four cannabis stocks are showing signs of recovery, with positive momentum and support from their moving averages. Canopy Growth and Aurora have more stable trajectories, while SNDL and OrganiGram have greater potential for both gains and volatility.

Investors should keep an eye on these resistance levels.

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Disclosure: this article is not intended to provide financial advice. Consult a professional before making investment decisions.