Marijuana stocks have been all the rage for about a year now, and Tilray has been one of the big horses. The medical marijuana name had an epic run higher last fall, moving from around $40 in September to a high of $300 on stellar turnover. Since then the stock has stumbled. It fell sharply in September and continued on a downward path into 2019. It now appears to have put in a bottom.
Notice the recent strong turnover and the push above the upper bollinger band. RSI is solid and making higher highs, and the upward slope is nice and steep. The cloud is going to be hard to break through, so some sideways action followed by a vault higher through the November high seems to be the next step.
Take a deeper dive into the chart action of Tilray on Nasdaq: TLRY and learn how to read the technicals. Get Bob Lang’s full analysis as he marks up our chart of the week.
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About Tilray (TLRY)
Tilray, Inc. engages in the research, cultivation, processing, and distribution of medical cannabis. The company offers its products in Argentina, Australia, Canada, Chile, Croatia, Cyprus, the Czech Republic, Germany, New Zealand, and South Africa. Tilray, Inc. was incorporated in 2018 and is headquartered in Nanaimo, Canada.