Weed Stocks Bottom We are not out of the weeds yet. Get it?
stupid dad Joke
We are back down to buying prices and with inflation/fed rates priced in we've had a good month.
If we can break and hold above the downtrend line we could see a little rally to $6-$8 range.
I don't think it will last long though and we will more likely have a double bottom.
Seems like federal legalization is still a ways off, and marijuana market growth is slowing.
Just charting and sharing thoughts. Happy to hear feedback.
TLRY
Is TLRY a buy on yesterday's selloff?Yesterday, TLRY stock went down 10.7%, crashing along with other meme stocks. On the short term it bounced against strong support at the level around 3.8. Interpreting the crash as a bearish engulfing, the nearest resistance line would be at 4.44, whereas on the downside, below the current support level which is being held, there is another clear resistance turned support level around 3.65. This means that from a risk/reward perspective, TLRY is great, with a risk/reward of over 3.75, even using the nearest support line, below the current one. The stock is also in an upwards trending channel, the stock was oversold according to my RMA indicator, short sale volume was significantly smaller than net volume as shown in my NDO indicator, and the stock's price is hitting the 50 day EMA after breaking above it.
Potential break of weekly downtrend on those MJ stocksMJ etf is looking like it broke the weekly downtrend after weekly bullish divergence. However, the week is early and it doesn't mean it can't go lower and retest the trendline under 6 dollars again - it can.
Regardless, MJ stocks might be in a bottoming "area" and are worth a watch. Targets as of now 8.50 and 10.50 on the MJ etf.
The ART of the Fade.Tilray is a Cannabis stock, but the importance of this post is the art of fading.
I have numerous posts on Volume profiles and how and why they are very effective, and have kinda made it a mission to show you how great they are!
Here I am showing you how to fade around value, notice the profile, notice how price is trading sideways in this range and building mass of orders, I have used the two blue horizontals to show the outerside of range, and look how price has acted! Absolutely beautiful fades back into Value! honestly so beautiful.
Price attempts to break the outside boundaries before being turned around and heading back into the mass of orders, it is truly beautiful.
The takeaway from this post is the importance of using a volume profile in trading, as the big boys are! step up your game now!
TLRY - Second attempt - LONG ONLY TV- So we failed that last one, but as I said, I'm willing to give it a few attempts. Nice volume coming in and with price moving higher I'll get much more confident.
- It's holding that gap down pretty nice at the moment. Buy now with risk to lows I think is a decent trade, which you can add to with more pullbacks, but I kind of want something tighter a little higher.
- Above that green range is the trade I think with price trapped between that purple high and the green range.
- Above the purple completely free from that is the best one but I'd rather get in before and not worry about chop up there before it leaves.
- Let's see how this one plays out.
Tilray fighting back? Tilray
Short Term
We look to Buy at 3.09 (stop at 2.91)
We look to buy dips. Trading volume is increasing. There is scope for mild selling at the open but losses should be limited. Expect trading to remain mixed and volatile. Previous support located at 3.10.
Our profit targets will be 3.72 and 3.99
Resistance: 3.72 / 4.00 / 5.15
Support: 3.10 / 3.00 / 2.50
Disclaimer – Saxo Bank Group. Please be reminded – you alone are responsible for your trading – both gains and losses. There is a very high degree of risk involved in trading. The technical analysis, like any and all indicators, strategies, columns, articles and other features accessible on/though this site (including those from Signal Centre) are for informational purposes only and should not be construed as investment advice by you. Such technical analysis are believed to be obtained from sources believed to be reliable, but not warrant their respective completeness or accuracy, or warrant any results from the use of the information. Your use of the technical analysis, as would also your use of any and all mentioned indicators, strategies, columns, articles and all other features, is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness (including suitability) of the information. You should assess the risk of any trade with your financial adviser and make your own independent decision(s) regarding any tradable products which may be the subject matter of the technical analysis or any of the said indicators, strategies, columns, articles and all other features.
Please also be reminded that if despite the above, any of the said technical analysis (or any of the said indicators, strategies, columns, articles and other features accessible on/through this site) is found to be advisory or a recommendation; and not merely informational in nature, the same is in any event provided with the intention of being for general circulation and availability only. As such it is not intended to and does not form part of any offer or recommendation directed at you specifically, or have any regard to the investment objectives, financial situation or needs of yourself or any other specific person. Before committing to a trade or investment therefore, please seek advice from a financial or other professional adviser regarding the suitability of the product for you and (where available) read the relevant product offer/description documents, including the risk disclosures. If you do not wish to seek such financial advice, please still exercise your mind and consider carefully whether the product is suitable for you because you alone remain responsible for your trading – both gains and losses.
TLRY - Zombie mode incoming. Waking the dead. LONG ONLY TV- This sector could not be anymore DEAD. Everyone is dead and never want to look at this sector ever again. When they come back you'll get those mega mega moves that you can sell into and move onto the next.
- I haven't heard one sound coming out of this space in months, which is EXACTLY what you want when looking for a possible turnaround.
- If green holds you're looking really good for a MEGA move up that could really last. If it doesn't, wait for the next set up, but I think its worth holding this one for a while. Set stops and forget about it with targets also set.
- Below 3.19 == BAIL BAIL and wait for further price development
- These kinds of trades are the low risk with mega return potential, all while sitting on your ass and not even thinking about it.
- As I said, if this set up fails, I'll be trying a couple more as the potential pay out should hopefully dwarf any losses incurred on getting that sex god entry.
CGC - the skunk weed is back to the budding stageMost canadain MJ's are showing bull divergences on the weekly charts again. News coming? NYC finally opens pot shops? - damn are they slow to the pot market.....
CGC is testing it's ultra lows where it meandered for a few years. Doesn't mean it can't go lower, it certainly can. Between here and 2 dollars I think could be an excellent accumulation area.
Be careful though, this company can become a discarded roach and go out of business aka - 0
No rest for Tilray?Tilray
Short Term - We look to Sell at 5.33 (stop at 5.87)
Our outlook is bullish. A mild correction has been posted from yesterdays high, this is seen as a retest of the breakout level. The hourly chart technicals suggests further upside before the downtrend returns. The bias is still for lower levels and we look for any gains to be limited.
Our profit targets will be 3.92 and 3.18
Resistance: 5.50 / 8.50 / 15.00
Support: 4.00 / 3.00 / 2.00
Disclaimer – Saxo Bank Group. Please be reminded – you alone are responsible for your trading – both gains and losses. There is a very high degree of risk involved in trading. The technical analysis, like any and all indicators, strategies, columns, articles and other features accessible on/though this site (including those from Signal Centre) are for informational purposes only and should not be construed as investment advice by you. Such technical analysis are believed to be obtained from sources believed to be reliable, but not warrant their respective completeness or accuracy, or warrant any results from the use of the information. Your use of the technical analysis, as would also your use of any and all mentioned indicators, strategies, columns, articles and all other features, is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness (including suitability) of the information. You should assess the risk of any trade with your financial adviser and make your own independent decision(s) regarding any tradable products which may be the subject matter of the technical analysis or any of the said indicators, strategies, columns, articles and all other features.
Please also be reminded that if despite the above, any of the said technical analysis (or any of the said indicators, strategies, columns, articles and other features accessible on/through this site) is found to be advisory or a recommendation; and not merely informational in nature, the same is in any event provided with the intention of being for general circulation and availability only. As such it is not intended to and does not form part of any offer or recommendation directed at you specifically, or have any regard to the investment objectives, financial situation or needs of yourself or any other specific person. Before committing to a trade or investment therefore, please seek advice from a financial or other professional adviser regarding the suitability of the product for you and (where available) read the relevant product offer/description documents, including the risk disclosures. If you do not wish to seek such financial advice, please still exercise your mind and consider carefully whether the product is suitable for you because you alone remain responsible for your trading – both gains and losses.
Tell Ray to...I mean Tilray...Tilray Brands, Inc. NASDAQ:TLRY
Tell Ray to...I mean Tilray... okay, okay, okay. Tilray got himself in a descending triangle. My question to you is-Will Tilray get up and leave or will he fall down to his knees?
Well, I've cooked up an answer of my own after analyzing the information he provided on the daily chart. My findings are recorded below.
Pattern Identified- A descending triangle was identified on the daily chart for TLRY.
www.tradingview.com
Position Explained-Bullish divergence on the daily time frame. TLRY is currently in a downward trend. However, it is in a buy zone. Both the RSI and OBV indicators are pointing up at time of this post (after market hours 28 April 2022).
Peace and Prosperity,
Al
*******This is not financial advice.**************This is not financial advice.**************This is not financial advice.*******
TilrayTilray a cannabis company from Canada, interesting position currently with share price struggling since IPO, However price has come back to this area of fair price and a move above $7 could cause price too shoot higher. Tilray are generally becoming more profitable slowly and surely, we could look to the Senate to open up Cannabis for continuation of TLRY rally over the next few months and years.
Tilray Earnings SetupRecently my eye has been on pot stocks and the broad ETF AMEX:MJ for signs of life. Most seem to have forgotten about these stocks after years of disappointment. That's when I get interested.
On a down day in the stock market at large Tilray NASDAQ:TLRY is UP on earnings. More importantly from a technical analysis standpoint the price had a beautiful hold prior to earnings of the 50% Retracement level of the March rally. This is the same March rally in pot stocks I have noticed above the board. While this opportunity may have passed with earnings it gives a glimpse into possible downtrend reversal.
I will be watching this post-earnings price action for a setup.
Pot stocks as a theme are now on my radar and they should be on yours as well.
Watching Pot StocksFew have been watching or trading pot stocks since the 2020 rally based on USA Democrats taking government. That rally did not have legs and broadly the industry has fallen even further from the heyday of speculation in 2018. Naturally, when few are looking I get interested...
The recent March rally on AMEX:MJ which is the ETF of the sector made a new high which breaks the downtrend. Now with the recent broad stock market selloff price is testing the 50% Retracement of the recent rally.
I am watching for setups in MJ as well as individual pot stocks. See link below for NASDAQ:TLRY