Here is my update on TLRY price action.
Previously, I thought $34-$35 was bottom but I did not pay close attention to the weekly RSI. Around 3 June 2019 the weekly RSI did not reach 30 levels or below. Last week RSI got much closer to 30 but I still need to see 1) lower RSI (somewhere below 30) or retesting 30. So, I expect to see a downward trend in price for the next 4-8 weeks and RSI retesting the 25-30 level again.
I think the price will go another 25-30% down from current price ($32), and see $24 in the following weeks. We may go a bit higher from now (max up to $35.5, 50% fibs level, but unlikely) before going down to $23-$25. In addition I see a very strong support around $24. Also, pay a close attention to MACD. I see higher Lows! But needs more confirmations.
I remain bearish as long as we stay below 21 weekly MA (pink line).
Summary: My next buy in price range is $25-$28.
Good Luck.
Previously, I thought $34-$35 was bottom but I did not pay close attention to the weekly RSI. Around 3 June 2019 the weekly RSI did not reach 30 levels or below. Last week RSI got much closer to 30 but I still need to see 1) lower RSI (somewhere below 30) or retesting 30. So, I expect to see a downward trend in price for the next 4-8 weeks and RSI retesting the 25-30 level again.
I think the price will go another 25-30% down from current price ($32), and see $24 in the following weeks. We may go a bit higher from now (max up to $35.5, 50% fibs level, but unlikely) before going down to $23-$25. In addition I see a very strong support around $24. Also, pay a close attention to MACD. I see higher Lows! But needs more confirmations.
I remain bearish as long as we stay below 21 weekly MA (pink line).
Summary: My next buy in price range is $25-$28.
Good Luck.
