In late March, we saw shares of Canopy Growth #CGC break below a triangle consolidation pattern, signaling a bearish swing ahead. Canopy Growth Corporation (CGC) in Bearish BreakoutAfter the breakout, price stuck around, above $40 a share. However, after a week of consolidation, we saw that price was unable to climb back above the $43.80 area, which was a previous support. The fact that this support pivot turned into resistance suggests that bears are in control of the market.CGC Daily Chart(click to enlarge)Short-term Downside; Support:- while the short-term price action appears to be bearish, we should note that the overall picture is slightly bullish, but choppy.- With this in mind, we can anticipate support when price drops below $40, around the $36 area, which was a previous resistance pivot. - If price then holds under $40 on a pullback, I would be more convinced of a downside towards the $30 mark. - I would not anticipate any bullish outlook until the RSI has dipped below 30 and preferably has formed a bullish divergence against price.- Also note that if price dips to $30, there will be a rising trendline that might act as another support factor. - I don't think we are at a point where CGC is bearish outside of the short-term correction against the hype in 2018. - But, we should expect a period of choppiness with upside from $36, and even more so from $30.