Tilray has been falling back to its ipo price since its epic 2018 short squeeze. The chart is currently reaching a bottom area just below it’s ipo price where it is printing a significant bullish divergence in both the rsi and the macd. we have a good risk/reward setup with all the current over supply And regulation mismanagement of the space priced in. I expect the marijuana space to recover and thrive in the not to distant future. Tilray and CGC Fundamentally are my top pot stock candidates coming out of this bottom and leading the recovery. the time is now to accumulate if you missed the boat the first time around. I do not have a timeline on this uptrend to come but I have left some important levels of resistance on the way back up. I believe the downside risk is now minimal for Tilray and will be adding long positions between $16.65 down to $15.50. If lower orders do not fill I will add the shares on the pullback from the initial bounce that is to come.
Trade active:
All orders have filled and am holding a small position here with a tight stop loss looking for a short term target around $19.00 where I will
re-assess the stock. It is best to take control of the trade by trimming some shares after a bounce/lower high print and respect the bearish trend. The stock looks like it is in a short term reversal zone based on the Low time frame rsi and Macd indicators.
re-assess the stock. It is best to take control of the trade by trimming some shares after a bounce/lower high print and respect the bearish trend. The stock looks like it is in a short term reversal zone based on the Low time frame rsi and Macd indicators.
