Tilray: Target Zone Reached

As anticipated, Tilray shares have dropped into our green Target Zone ($4.31–$3.94). Our primary view is that TLRY will complete its current intermediate correction within this price range, setting the stage for a strong upward move. However, we continue to monitor a bearish alternative scenario as well (probability: 35%). In this case, the stock would fall below support at $3.67 and set a new major correction low.