TILRAY - Technical Analysis
Updated
Dear Traders,
We can see that TLRY has broken out but without big volume (which I expect, to be honest).
I think most Traders/Bots are waiting for the MACD to cross upwards signal before creating another run-up.
Let's see how this plays out.
If you enter, don't forget your stop loss.
About TILRAY:
Tilray, Inc. engages in the research, cultivation, production, and distribution of medical cannabis and cannabinoids. Its products include dried cannabis and cannabis extracts. The company was founded on January 24, 2018 and is headquartered in Nanaimo, Canada.
Latest news:
fool.com/investing/2018/10/03/why-tilray-is-rebounding-today.aspx?source=djc&utm_campaign=article&utm_medium=feed&utm_source=djc
We can see that TLRY has broken out but without big volume (which I expect, to be honest).
I think most Traders/Bots are waiting for the MACD to cross upwards signal before creating another run-up.
Let's see how this plays out.
If you enter, don't forget your stop loss.
About TILRAY:
Tilray, Inc. engages in the research, cultivation, production, and distribution of medical cannabis and cannabinoids. Its products include dried cannabis and cannabis extracts. The company was founded on January 24, 2018 and is headquartered in Nanaimo, Canada.
Latest news:
fool.com/investing/2018/10/03/why-tilray-is-rebounding-today.aspx?source=djc&utm_campaign=article&utm_medium=feed&utm_source=djc
Note
TLRY got more volume since you can see that we have 3 green volume bars after each other, one bigger than the other one. This means that TLRY is going to run pre-market tomorrow. But the question remains the same, will it create a higher high or a lower high.Note
So as anticipated, at the start of the pre-market TILRAY got a small boost towards 156.83$ before retracing back again. This created a lower high which is a bearish sign. Price action is still above the 55 ema on the 1h chart, if that 55 ema support line doesn't hold, we will retrace even further.
Note
TLRY didn't run a lot said like before, as we can see we have a lower High, and now it's hitting my Red Support Line. Let's see how this plays-off.Note
If it hits our support line and bounces back, I would enter the trade with a tight stop loss.Note
Support line didn't hold, we are now in a bearish mood if you ask me.
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