Potential breakout on TLRY
Updated
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
Note
starting to get over the 18ma on the daily chart (red line). Note
backtest of wedge and going higher, looks promising, needs volume though. Note
we've had lots of false breakouts on tlry, but this is looking better right now. Note
Weekly 18ma should be the next target - about 2.74, above that and weekly BB / weekly 50ma target is at 3.30 area. Note
pattern looks nice, and weekly divergences still look good, but no real volume yet, so nothing to get excited about currently Note
TLRY close to first target of 2.74 with 4 hr rsi very overbought. Caution on the FOMO here. Note
weekly 18 hit on tlry, usually a resistance zone. Note
tlry retracement here would give a nice cup and handle formation - 4hr rsi needs to cool a bit. Note
tlry at support, still looking like a cup and handle here. Note
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 Note
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. Note
TLRY over it's daily 18ma, bias is bullish. Pullbacks are probably bought Note
it's been one disappointment after another for the MJ's, but here comes another potential pump. 
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