TLRY Bear Break -10% Profits already!Dear Cannabis Sector friends!
In our previous TLRY idea we had asked ourselves: Can TLRY repeat what EOS from crypto space did already? (See the link below)
The answer is: Yes . And this is the beauty of Technical Analysis: No matter where you go, which market you wanna play, human psychology never changes.
A beautiful descending triangle gets broken bearish, which was the most likely scenario -with 10% profits already.
We have now reached the previous lows at 70 psychological and could definitely see some bounce going from here, since Hourly RSI is completely oversold. Also, always check correlation to sector leaders like CGC, CRON, etc.
But should we keep going lower: You should be very comfortable with your trigger under 75,25 at the latest.
Also key takeaway from here: We had broken the ascending bearish trendline earlier, and only after the price level break, we saw the flush incoming. While trendlines work good in the stock market esp. on bigger names, in crypto/cannabis space & with lower volume names, you always wanna see the Price Action & S/R level breaks.
If you had some value from my analysis, give it a thumbs-up & comment it, because the mechanism shows my analysis to other people then. Make also sure to follow me so you get notified on my Crypto Analyses! I wish you a good trading! :)
Edgy is providing online education & tools only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
