Great Risk/Reward Setup for Tilray
(Inverted Chart) Currently seeing a great long setup for Tilray and many other weed names in the market. From a fundamental perspective, it is now general knowledge that the cannabis industry will continue to garner mainstream adoption and acceptance with each passing year. They're many companies positioning themselves to benefit from this trend, with Tilray being one of the leaders. There's much more to be excited about as it pertains to the fundamentals of Tilray but this platform is mostly for the technicians. So here's why I'm bullish for the rest of the year and beyond.
- Daily Golden Cross took place several weeks ago indicating the start of a potential multi-month bull trend.
- TLRY is down 70% from its recent peak of around $60. I believe the bears have exhausted themselves and bulls will make a move soon.
- CCI is signaling a buy according to my trading system.
- Price tested support at the 200 Moving Average which is statistically a great place to buy the dip in bull markets.
Entry Price: $15.25
Target 1: $30 (100%)
Target 2: $50 (233%)
Target 3: $60 (300%)
Target 4: Moon mission to all time high
*Stop-loss is a recommendation.*
This is not financial advice.
- Daily Golden Cross took place several weeks ago indicating the start of a potential multi-month bull trend.
- TLRY is down 70% from its recent peak of around $60. I believe the bears have exhausted themselves and bulls will make a move soon.
- CCI is signaling a buy according to my trading system.
- Price tested support at the 200 Moving Average which is statistically a great place to buy the dip in bull markets.
Entry Price: $15.25
Target 1: $30 (100%)
Target 2: $50 (233%)
Target 3: $60 (300%)
Target 4: Moon mission to all time high
*Stop-loss is a recommendation.*
This is not financial advice.
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