TILRAY $TLRY stock Chart observation
1 minute chart: You can see how the price action was carried by the support line (red), it was an organic and healthy growth breaking the 4$ resistance (green) and consolidating above it.
As we observed earlier, it should have carried it out to the conjunction with the second resistance line (yellow) but it suddenly broke up with that parabolic rise in the price. That is not good nor an healthy price movement. Aster that we can see that the solid trend the stock built was disrupted and it retraced back down to the first resistance line. Never cheer when u see explosions like that, it means a whale jumped out from the water and the waves will disrupt everything.
We can expect now to test the 4$ line and make it into a support, if failed, it has a serious probability to retrace back to 3.8$ The reversal will be determined tomorrow.
Fundamentals are strong. Balance sheet is strong. BUY. HODL. REPEAT.
1 Hour Chart: We can see that in the long run, the price is stabilizing above 3$ for a while and seems to have reached a bottom, with long term support being 3 itself (red) and resistance being $4 (yellow) We can see that the price broke the long term bear trend (blue).
We can observe a mid term support forming (orange) that shall cover our ass up if 4 dollar resistance reject the new price action where we will climb it until September (normal outcome) If mid term support fails, we can be sure to test 3$ again (pessimistic)
If tomorrow we confirm 3$ as the new support, we can expect to stay above 4 for a while (optimistic) Seeing how MACD and RSI are moving, i personally thing that we have more chance for the normal outcome or the optimistic ones.
Still, fundamentals are strong, Balance sheet are strong. Opportunities are plenty. Tilray will be positive even without US federal legalization. I am invested in the long run.
Submitted August 05, 2022 at 02:47AM by BigMoistedPP
via reddit https://ift.tt/La6TnXp