When
Tilray Inc's (NASDAQ:TLRY) formally merged with Aphria on May 3, it was a "sell the news" event.
Tilray is trading down 14% from when the new Tilray was created and its stock has been stuck near a support and resistance level at $15.17 for the last 10 trading days.
The Tilray Chart: On Thursday, Tilray popped back over the $15 area and was trading slightly above the eight-day exponential moving average (EMA). Tilray’s stock has the support of the 200-day simple moving average, which is trending slightly upwards indicating the overall sentiment in the stock is bullish.
Tilray is trading below the 21-day EMA, which is slightly bearish, but the eight-day EMA is curling slightly upwards. If bullish volume enters Tilray’s stock, the eight-day EMA could cross above the 21-day EMA, which would give bulls more confidence that a larger move north was in the cards.