spiritualhealer117

Is TLRY a buy on yesterday's selloff?

NASDAQ:TLRY   Tilray Brands, Inc. - Class 2
Yesterday, TLRY stock went down 10.7%, crashing along with other meme stocks. On the short term it bounced against strong support at the level around 3.8. Interpreting the crash as a bearish engulfing , the nearest resistance line would be at 4.44, whereas on the downside, below the current support level which is being held, there is another clear resistance turned support level around 3.65. This means that from a risk/reward perspective, TLRY is great, with a risk/reward of over 3.75, even using the nearest support line, below the current one. The stock is also in an upwards trending channel, the stock was oversold according to my RMA indicator, short sale volume was significantly smaller than net volume as shown in my NDO indicator, and the stock's price is hitting the 50 day EMA after breaking above it.

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