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Sep 8, 2021
[1 min Read]
The stock is undervalued currently. Will go 3-5X from here before October. Mark my words..
The Tilray Chart: Tilray was the target of a short squeeze in February and skyrocketed almost 240% to a high of $67 in just seven trading days before plummeting 52% over the course of two trading sessions and entering into a months-long downtrend.
On June 10, Tilray settled into a descending channel and has been making fairly consistent lower highs and lower lows. On June 27, Tilray bounced off the bottom of the channel near the $12 level and shot up 30% over the following two trading days but slammed into a long trendline that had been holding Tilray's stock up since October 2020. The trendline is now a resistance level.
On Wednesday afternoon, Tilray looked to be printing a hanging man candlestick. Although Thursday's candle will be needed for confirmation of the pattern, a hanging man candle could indicate Tilray will trade lower over the coming days. It should be noted consolidation may be needed before Tilray is able to break up from the descending channel.
Tilray is in line with the eight-day exponential moving average (EMA) but below the 21-day EMA with the eight-day trending below the 21-day, which indicates bearish indecision. The stock is also trading below the 200-day simple moving average indicating overall sentiment in the stock is bearish.