TLRY TimeAnother beautiful, long Falling Wedge on TLRY here since around March. After that huge run from TLRY, there was much selling and bearish divergence on the chart from being so overbought. The run up left many gaps in the chart and they needed to be filled before TLRY could even think of going for another run.
Bullish divergence seen on the RSI, RSI value is making higher highs while the price continues to make lower lows, meaning some bullish divergence. Also coupled with the MACD cross today, I think this could be the start of a nice reversal for TLRY.
Has consistently used the fib retracement levels for support and resistance, so if we target the 236 fib level at around 20-22 dollars, that would give us an 80% return on our investment. However, just looking at the closer resistances, for the short term I would target first resistance at around 12-12.5, and then at around 14, then up to 16-17 $.
GAPS:
There were many gaps in the chart due to the run up in Jan - Feb which needed to be filled, the last of which were at 9.6 - 10.5. We did not COMPLETELY fill the gap so be careful about that, only a partial gap fill.
SUPPORTS:
I would be looking back to the trendline which acted as a bounce for this recent run today. Around 10$, then I would look at 9$ as the next support level after the gap fill.
RESISTANCE:
$12 - $12.5
$14
200 SMA at $14.70
