EarningsBeats.com Digest for February 24, 2021
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Reversing Candle Off Price Support Test
I'm going to dip my toes into a VERY volatile stock - Tilray, Inc. (TLRY). I'm sure most of you are aware, but for those of you who aren't, TLRY is a $4.25 billion health care company that engages in the research, cultivation, processing, and distribution of medical cannabis. It's been in the news quite a bit, but I tend to ignore the news and focus on the chart. That's where this gets interesting:
TLRY broke out above key price resistance just below 22.00 in early February. In just 6 days, it surged to a high of 67 on February 10th. That type of advance is not sustainable and, sure enough, TLRY came tumbling back down. It took 8 days on the way down, but on Tuesday, TLRY hit price support at 22.00 (low of 21.13), before rebounding
and closing at 24.79. While I don't expect TLRY to shoot higher from here, I do think that two key price support levels will hold as we move forward - either initial price support at 22.00 or the late-January price low near 17.00. Please keep in mind that TLRY is a very aggressive trade, but I do believe it's heading higher after a brief period of consolidation.
Happy trading!
Tom Bowley
Chief Market Strategist
EarningsBeats.com
Better Timing. Better Trades.
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