Just Some Weed For Fun (TLRY)
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I primarily focus on cryptocurrencies, but since many are stagnating at the moment, I'm looking at some other assets for possible setups. If I had some extra investing capital right now, I'd actually enter a small position here. The market seems to be overreacting a bit, and TLRY is now at a prior resistance level turned support. If it can bounce here (ultimate oscillator is showing a potential bottom with a large divergence), Tilray can make an attempt to break the downtrend channel. If this happens, near term targets are around the $50 and $65 levels. You can see that clearly on this chart. However, if Tilray cannot hold above current levels, it can head easily to the $24 zone (next support). There is significant downside risk here, so a stop loss might be a good idea, if one were trading this.
With stock market volatility at extreme levels, it's important to recognize the risk associated with opening short term positions (particularly on margin). I would expect current share prices to be fairly strong entries for the long term.
Analyzing is just a hobby of mine. I am NOT actively day trading at this time. This is certainly not financial advice. When looking at equities, it's important to assess the whole picture and do diligent research. We shall see.
-Victor Cobra
With stock market volatility at extreme levels, it's important to recognize the risk associated with opening short term positions (particularly on margin). I would expect current share prices to be fairly strong entries for the long term.
Analyzing is just a hobby of mine. I am NOT actively day trading at this time. This is certainly not financial advice. When looking at equities, it's important to assess the whole picture and do diligent research. We shall see.
-Victor Cobra
Nota
Currently breaking below the support area. Probably best to wait to see if it bounces. Nota
Looks like after the break of support, Tilray has headed down towards the bottom of the downtrend channel. As suggested in this analysis, major downside was possible and the bullish setup is negated for now.
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