The Closing Print live trading and financial blog during market hours.

We traded two of our favorite cannabis stocks as they rallied higher during the Monday trading session. Both stocks closed near the high of the day. Price action is bullish and shorts are numerous providing a tailwind for a continuation day.

GMP analyst Martin Landry upgraded Canopy CGC, +0.46%WEED, +7.93%  to buy from hold, after the company last week bought the rights to acquire U.S. multistate operator Acreage Holdings Inc. as soon as cannabis is legalized in the U.S. The stock soared 7.8% in afternoon trade.Read more on CGC upgrade here:

Cannabis Production and Canopy Growth

This cannabis stock has enough shorts to propel price action back to recent highs. Pre-market size (Level II) does not start till 49.00.

Canopy Growth (CGC) achieved its first hurdle as it broke above this descending trend line yesterday. Volume is above average. Once above 49.00, the above mentioned Level II zone, we see VBP resistance confirms. If price action gets above 49.00 today we will consider holding shares for a visit with “bagholders” at 51.81.

CGC shows MACD above its signal line. Bulls are in control.

Cannabis and Leaf Tobacco Distribution

Pyxus International Inc. (NYSE:PYX) an agricultural company, engages in the provision of various agricultural products, ingredients, and services to businesses and customers. It offers products in the leaf tobacco, e-liquids, industrial hemp, and cannabis industries.

Pyxus International 13G Shows Morgan Stanley Raised Stake In the Company

We’re looking for a follow-through day. RSI turned from oversold, my favorite setup. Volume picked up as shorts undoubtedly covered some of their positions. It will take 3 days to cover. See shortsqueeze.

In addition, resistance levels are noted overhead at 24.30, then the descending trend line at 28.00 (+/-).

In other news, Pyxus International Inc. (NYSE:PYX) is also seeing a tailwind on news that the tobacco company’s hemp processing partner, Criticality, opened a new plant in Wilson, North Carolina. The hemp processed at the facility will be used in “Korent,” Criticality’s line of CBD cannabis products. 

Other cannabis stocks are moving as well. DM me in the trading room if your favorite cannabis stock starts moving today.

Join us today in the trading room for our LIVESTREAM broadcast during market hours, as we trade CGC, PYX and other new positions. Watch, listen and trade from 9:20 AM to 4:15 PM Monday through Friday.

Happy Trading,


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*** Stocks highlighted are for information purposes only and should not be considered as advice to purchase or to sell mentioned securities. 

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These mentions are stocks that we may or may not decide to trade as outlined in the watchlist. Always use a stop.