Yes, I know this stock is one of the most hated stocks in the universe, however technically this looks to be setting up for a strong move upward.
Weekly bullish divergence, Weekly spinning top candle from last week (sometimes a warning of a reversal), falling wedge structure with reducing volume, and double bottom area.
Could this setup fail?
ABSOLUTELY YES IT CAN FAIL!
So please be careful.
A break above 2.50 would be promising but weekly volume and candlesticks would have to confirm (see a stock like ATOM for what I'm talking about)
This could potentially run up into a safe banking vote and then sell on the vote news. Anyway, I like the potential setup, take it for what it's worth. See the ATOM analysis below for a similar setup
Weekly bullish divergence, Weekly spinning top candle from last week (sometimes a warning of a reversal), falling wedge structure with reducing volume, and double bottom area.
Could this setup fail?
ABSOLUTELY YES IT CAN FAIL!
So please be careful.
A break above 2.50 would be promising but weekly volume and candlesticks would have to confirm (see a stock like ATOM for what I'm talking about)
This could potentially run up into a safe banking vote and then sell on the vote news. Anyway, I like the potential setup, take it for what it's worth. See the ATOM analysis below for a similar setup
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starting to get over the 18ma on the daily chart (red line).
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backtest of wedge and going higher, looks promising, needs volume though.
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we've had lots of false breakouts on tlry, but this is looking better right now.
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Weekly 18ma should be the next target - about 2.74, above that and weekly BB / weekly 50ma target is at 3.30 area.
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pattern looks nice, and weekly divergences still look good, but no real volume yet, so nothing to get excited about currently
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TLRY close to first target of 2.74 with 4 hr rsi very overbought. Caution on the FOMO here.
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weekly 18 hit on tlry, usually a resistance zone.
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tlry retracement here would give a nice cup and handle formation - 4hr rsi needs to cool a bit.
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tlry at support, still looking like a cup and handle here.
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heavy down day, not looking good, but i've seen this sort of thing before and it may be a shakeout. we're at secondary support at 2.40
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TLRY came down to test the 18ma on the daily chart, also support level. Bulls want to see it recover from here so this looks just like a shakeout. Even if it goes lower, I still believe the weekly divergence will play out eventually.
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TLRY over it's daily 18ma, bias is bullish. Pullbacks are probably bought
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it's been one disappointment after another for the MJ's, but here comes another potential pump.
