Canopy Growth Corp (CGC): Added to Position

Canopy Growth Corporation (CGC) completely imploded on Thursday along with the rest of the cannabis sector, opening below the $3.00 mark where it triggered my next buy order which filled at $2.90. The buy lowered my per-share cost -10.01% from $6.25 to $5.62.

From here, my next buy target is $2.05, around a point of potential support calculated using the Fibonacci Method and above $2.00 which may provide psychological support to traders and investors. Given how large the position continues to grow as it sells off precariously, I will start taking profits to reduce its size with my next sell target at $6.60, slightly below the high of its last bull rally in 2022.

CGC closed the week at $2.81, down -3.10% from where I added Thursday.

Nvidia (NVDA): Added to Position

Despite the rest of the market bouncing on Friday, Nvidia (NVDA) and the rest of the semiconductor space continued to sell off. NVDA started to approach the $145.00 mark where it triggered a buy order of mine which filled at $145.83, raising my per-share “cost” +$6.85 from -$12.60 to -$5.75 (a negative per-share cost indicates all capital has been removed from the position in addition to $5.75 per share which adds to the portfolio’s bottom line).

Just to give you an idea of how much Nvidia has been beaten up this year, Friday’s buy represents a -25.39% reduction from my last buy at $195.45. That’s right. NVDA has sold off an epic -57.91% from its all-time high at $346.47 last year to where I added to it on Friday. 

Naturally, that doesn’t mean NVDA doesn’t have further downside to go, so my next buy price target is $116.10, above a past point of support. As my position to continues to grow in size, my sell target comes down, too, so my next sell target is around $245.00, the 50% retracement from NVDA’s high to the low of the selloff.

NVDA closed the week at $145.23, down -0.41% from where I added Friday.