TLRY (cannabis stock) BUY signals! (TLRY follows Bitcoin 2014)
This is not a financial advice and I put it here only for my own record.
I have been watching cannabis stock for a while and the most exciting one is TLRY. It seems the bottom is already in (which I cannot confirm yet) or very close to the bottom. The market value is already more than 85% below its all time high ($300 to ~35$). Both RSI and MACD show divergence situation (market is going down but RSI and MACD going up) which is a bullish sign. I am not saying the bull market has started but if we see more confirmations in the near future, we can say the bottom is in. IMO, $35-$40 is already a great range (85-90% below ATH) for buying in. I already had some purchases around $35-$38 and keep accumulating around every bottom.
My near term prediction is: the price will go up to test 50% - 61.8% Fibonacci levels (around $44-$47), then we go back down to retest $35 or go below that level. I think there is a chance to go below $35 but it is unlikely to go below $28-$30. Even if you buy at the current price ($38.8) you will not lose a lot if the price goes down temporarily. My only concern is the low volume. Typically, we should see high volumes around true bottom, which I do not see that for TLRY now. So, be very cautious and set your stop-losses wisely and always follow the market as it goes on.
Also, I found a similarity between the current TLRY pattern and that of Bitcoin around 1 Nov 2014. If that comes true, we may see another large drop (final capitulation) within months along with higher volumes. Since we are already 85-90% below the ATH, to have another large sell-off we might need to go up a little bit for a while then have a large drop. Again, I do not think we go below 28$.
If you like please share with your friends and leave comments to improve my prediction and analysis.
Thanks,
I have been watching cannabis stock for a while and the most exciting one is TLRY. It seems the bottom is already in (which I cannot confirm yet) or very close to the bottom. The market value is already more than 85% below its all time high ($300 to ~35$). Both RSI and MACD show divergence situation (market is going down but RSI and MACD going up) which is a bullish sign. I am not saying the bull market has started but if we see more confirmations in the near future, we can say the bottom is in. IMO, $35-$40 is already a great range (85-90% below ATH) for buying in. I already had some purchases around $35-$38 and keep accumulating around every bottom.
My near term prediction is: the price will go up to test 50% - 61.8% Fibonacci levels (around $44-$47), then we go back down to retest $35 or go below that level. I think there is a chance to go below $35 but it is unlikely to go below $28-$30. Even if you buy at the current price ($38.8) you will not lose a lot if the price goes down temporarily. My only concern is the low volume. Typically, we should see high volumes around true bottom, which I do not see that for TLRY now. So, be very cautious and set your stop-losses wisely and always follow the market as it goes on.
Also, I found a similarity between the current TLRY pattern and that of Bitcoin around 1 Nov 2014. If that comes true, we may see another large drop (final capitulation) within months along with higher volumes. Since we are already 85-90% below the ATH, to have another large sell-off we might need to go up a little bit for a while then have a large drop. Again, I do not think we go below 28$.
If you like please share with your friends and leave comments to improve my prediction and analysis.
Thanks,
