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Tilray Chart Gives Bulls, Bears Clear Risk/Reward Level benzinga.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from benzinga.com Daily Mail and Mail on Sunday newspapers.
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. ....
4/20 celebrations come during a seasonally bearish time for cannabis-related stocks. Bulls can still find bullish setups and over-sold bounces, however, and long-term investors can find good entries at the bottom of trends. Tilray (NASDAQ:TLRY) and Canopy Growth Corporation (NASDAQ:CGC) have been trending downwards since reaching 52-week highs on Feb. 10. While spring and summer usually cause a low-volume lull in cannabis stocks, the possibility of cannabis-friendly policy moves in the U.S., such as the passage of the SAFE Banking Act through the Senate, could change the trend this year. The Canopy Chart: Canopy Growth has been trading in the gap it left behind on Jan. 6 for the past six trading days. Canopy Growth’s stock has been trading in a textbook-perfect downtrend since March 16, making lower highs and lower lows on the daily chart. ....