Here is my update on TLRY. Please like/share if you find value in this note:
Overall thought: We are in accumulation stage. Bull run has not started yet and it is a good time to buy gradually.
I see these:
1) The 21-day MA is breaking the 50-day MA which is a positive sign (bullish). 21-day MA has been below the 50-day MA for almost 245 days! (35 weeks).
2) The TLRY price was able to stay above 50-day MA for 15 days (2 weeks). The last time we were above 50-day MA for 15 days was before 23 October 2018!
3) The price trend is shaping a bullish pattern after the local low of $34.34 around 04Jun19. The sharp slope in price change is getting milder and milder. I showed them with small purple line on the chart.
4) We are going to have a crossover on the MACD indicator on the daily chart (price action might reverse on the daily scale, i.e. temporary downward movement). To support this, I see a very thin candle with bigger wick on top on the weekly chart (This is another sign of downward movement)
5) The pitchfork lines drawn long time ago is still intact nicely. The current price action is following the bottom channel. That means I do not expect the price go below the thickest red lone. I expect TLRY to move within this channel for a while till it gains enough momentum for an upward move to the the upper channel.
Summary:
Based on all the 5 facts, I think the price will go slightly down (probably down to the light blue line). Note that there is a possibility to retest the previous bottom (~$35). Also, note that there is a strong resistance level at $44.5. So, we might go down to that level within next days or week then we go back up to retest the upper pitchfork line (shown with the orang arrow). When we go above that line, I will be VEEEERY bullish! As long as we stay within the lowest pitchfork channel, I think everything is supper healthy and any purchase within that range would be a winner/safe/reasonable buy.
Good luck,
Overall thought: We are in accumulation stage. Bull run has not started yet and it is a good time to buy gradually.
I see these:
1) The 21-day MA is breaking the 50-day MA which is a positive sign (bullish). 21-day MA has been below the 50-day MA for almost 245 days! (35 weeks).
2) The TLRY price was able to stay above 50-day MA for 15 days (2 weeks). The last time we were above 50-day MA for 15 days was before 23 October 2018!
3) The price trend is shaping a bullish pattern after the local low of $34.34 around 04Jun19. The sharp slope in price change is getting milder and milder. I showed them with small purple line on the chart.
4) We are going to have a crossover on the MACD indicator on the daily chart (price action might reverse on the daily scale, i.e. temporary downward movement). To support this, I see a very thin candle with bigger wick on top on the weekly chart (This is another sign of downward movement)
5) The pitchfork lines drawn long time ago is still intact nicely. The current price action is following the bottom channel. That means I do not expect the price go below the thickest red lone. I expect TLRY to move within this channel for a while till it gains enough momentum for an upward move to the the upper channel.
Summary:
Based on all the 5 facts, I think the price will go slightly down (probably down to the light blue line). Note that there is a possibility to retest the previous bottom (~$35). Also, note that there is a strong resistance level at $44.5. So, we might go down to that level within next days or week then we go back up to retest the upper pitchfork line (shown with the orang arrow). When we go above that line, I will be VEEEERY bullish! As long as we stay within the lowest pitchfork channel, I think everything is supper healthy and any purchase within that range would be a winner/safe/reasonable buy.
Good luck,
