ACB looks bullish for the long termVery similar setups here. There is a weekly breakdown candle high at 8.89. I think closing above there would be a signal to get long.
TLRY
Revisiting the Cannabis+Altcoin correlationWe've got several examples in the past of Cannabis stocks lagging altcoins then putting in monster catch up rallies as the risk capital sloshes around during the mania phase. I thought this would happen in April/May but we didn't get much of a move. I think there is an even greater opportunity now. I am looking to get long CGC+TLRY and a few other names.
Revisting the Cannabis+Altcoin CorrelationSeveral times over the past few years in crypto, Cannabis has lagged behind the altcoin market and put in some incredible catch-up rallies. When the risk appetite gets excessive, the fast $ often flows from crypto to Cannabis. I think the R/R here on some Cannabis names could be massive. Full disclosure I posted this same correlation back in April/May and we didn't get much of a move from weed. I still the the R/R is worthwhile. I will be looking to buy pullbacks on CGC, TLRY etc.
TLRY. are we still legalizing marijuana? Wisconsin GOP shot down the most recent budget plan, which partially dealt with marijuana legalizing. Democratic governor meets republican representatives means Wisconsin probably will not do anything meaningful for a while. In the meantime Wisconsin residents travel to Illinois where they spend almost 100$ million annually on marijuana products.
Some other things shot down in the plan were increased tax breaks for the poor, investment in education and underserved communities, and increasing minimum wage. More of the usual. I can only ask myself why is the GOP so opposed to making life better for people? Is it because an educated and healthy population wouldn't vote for them?
TLRY - Daily - Triangle Breakout?TLRY, both bottom has a huge volume with price and RSI contradiction. Do you think it'll break? How far can it go?
Countertrend WSB P&D: Sell Vertical Spreads at ResistanceTLRY has broken its trend on negative CMF volume. Today's 22% gain ran into resistance (center bollinger band) and seems likely to pull back to the central ribbon support/breakout area in the next few days.
Selling vertical spreads on WSB pumps often turns out well. You can get the 15.5/15 for even money.
Tilray very high R/R trade potential wave 5 aheadBoth wave 2 and wave 4 touched exactly .618. Wave 5 is still in play. Price targets are marked on the chart. Some of them have confluence with ath and monthly close.
$TLRY Target 18.81 for 24.49% $TLRY Target 18.81 for 24.49%
But if you’re brave…. look to chart...
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On the far right of the chart is my Average (Grey) Current Target (Green), and Next Level to add (Red) Percentage to target is from my average.
ONLY ADD at support levels & FIB levels…
I start every position with .5 - 1% of my account and build from there as needed and as possible.
I am not your financial advisor. Watch my setups first before you jump in… My trade set ups work very well and they are for my personal reference and if you decide to trade them you do so at your own risk. I will gladly answer questions to the best of my knowledge but ultimately the risk is on you. I will update targets as needed.
GL and happy trading.
Long on TLRY break out?On prev idea, we did TP1 and drop to the SL zone after.
Now we build a new one bigger triangle. And did +25% in one day.
I think it's a good time to try LONG on this breakout. cuz we have a bullish-volume support zone and back to 200MA line.
TP1 ~ 25 $
TP2 ~ 30$
Potential Short Squeeze Setup on TLRY and Weed StonksDaily needs a close above 16.80 breakdown candle high. Above that, it can squeeze to 30 by 8/20
🟢 Added to $TLRY New Target 19.84 for 22.92% 🟢 $TLRY Target 19.84 for 22.92%
Or double position at 12.44
I added here because it bounced off of support… if it hits support again (13.41) I will add again before doubling at 12.44.
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On the far right of the chart is my Average (Grey) Current Target (Green), and Next Level to add (Red) Percentage to target is from my average.
Numbers with an A are places that are a good idea to add if you can.
Numbers with a D are places where you should double your position.
I start every position with .5 - 1% of my account and build from there as needed and as possible.
I am not your financial advisor. Watch my setups first before you jump in… My trade set ups work very well and they are for my personal reference and if you decide to trade them you do so at your own risk. I will gladly answer questions to the best of my knowledge but ultimately the risk is on you. I will update targets as needed.
GL and happy trading.
First Time In A Long Time For TLRYFirst time in a long time that TLRY failed to close above its 200DMA. Despite this, it remains consistently trading around the 786 fib over the last few months. Without any fundamental catalyst, it really could depend on that industry at large. I think the whole MJ Bill was a buy the rumor/sell the news for what it's worth. Not a whole lot of range on the move leading up to that headline. But since it broke below the 200 for the first time in a while, volume (bullish volume) is going to be something to monitor for, closely if this is on your list, short term. These are the levels to keep track of on a larger scale.
"With so many states and countries riding the legal cannabis wave, the discussion surrounding federal marijuana legalization in the US is changing. More proposals are getting submitted, and more conversations are happening. Whether this next step results in a real bill is to be seen. But what we can say is that the speculative nature of the cannabis industry tends to feed off of the unknown. So if marijuana penny stocks are on your list right now, keep this in mind, and volatility can play its role in bullish and bearish sentiment-driven trading."
Quote Source: Best Penny Stocks To Buy Before Marijuana Legalization? 4 To Watch Now
Tilray TLRY at Key SupportTilray is currently at a key supporting ascending trend line (red dotted line) which can be seen best on the daily chart.
The only decent spot for a stop loss would be around the prior pivot which is around $13.20.
Short Activity Report - Yellow - Carefull now...There is a light at the end of the tunnel focus on a sign that says: Short below 34 only...So if you have "bear goggles" you took that bate above the 34 support and you may have to cover soon..if anything you have entered a battle you cannot withraw from untill you are whole..which will make you trade and trade and trade untill you are whole again. If you are a bull...you BOUGHT that bottom at 36 and you bought that again at 34.50 and are sitting back and watching the action with our fingers crossed that the reversal will develop and hold to run those bears back up to 37 and accelerating back to 46 to battle again on even ground.
So I am happy to see the activity picking up and confirmation of the technical predictions as this means the bttle rages on.. as long as there is a battle there is profit to be made.
All the best...buy that bottom ... just a thought.
TLRY Bullish Triangle PatternTLRY has been in a triangle pattern for the past month or so
We had a false breakout recently with volume that came in, but no perseverance.
setting entry @ 17.45 but feel free to buy starter position on it
TLRY holds key longterm supportI'm new to drawing charts but to me it looks as though TLRY has held its long term trend thusfar and is on track back to $30 by NOV? Let me know if I just drew random lines or confirm my bias please.
AMC - PART 4 - LOL 62-65 PT EOW All,
I think AMC is just bouncing around for now in a rectangle, that being said it actually appears this next test up at 64-65 in theory should break. Regardless we broke out of the wedge so I think we see 62-65 end of week. Obviously this can change given the mindblowing "shorts"
Short Activity Report - GreenWe have a green report. As we move inside the squeeze, we are finding a sgtrong support around 51 and targetting the heavily shorted area of 60 bucks. We see no short activity on the exchange , the last being the 17th of this month around 60 bucks. We will accelerate to 80 once we get a clean break through 60, which will be followed by a small retracement to give you entry for the next sideways movement in the squeeze in the 60 to 80 range.
Top squezes NKLA TLRY SNDL AMC HEXO
Green No shorts in sight - Bullish
Yellow Some shorts - Healthy sideways movement
Red Heavily shorted, inminent correction
An update on Tilray. TLRYA short recovery might be on the cards.
This is a reflection using technical analysis + only and we do not consider valuation and macro factors at this stage.
The Fibonacci targets going down are highlighted in green with invalidation in red. Fibonacci goals, it is prudent to suggest, are nothing more than mere fractally evident and therefore statistically likely levels that the market will go to. Having said that, the market will always do what it wants and always has a mind of its own. Therefore, none of this is financial advice, so do your own research and rely only on your own analysis. Trading is a true one man sport. Good luck out there and stay safe!
