Tilray Inc. TLRY shares jumped Monday after the company announced it will hold a meeting to approve the proposed Tilray-Aphria Inc APHA business combination.
The meeting will be held Friday, April 16.
Tilray Technical Levels To Watch: The short-term, 5-minute chart above has what looks to be an ascending triangle pattern that was broken out of Monday.
This triangle pattern showed higher lows building up to a resistance level of $29. This level was broken and now may hold as a potential support level in the future.
The stock has also been holding the 200-day moving average (blue) and VWAP (pink) as support. As long as those levels are held, the stock may still be considered bullish on the day.
See also: How to Buy Tilray Here (ACB) Stock
Short-term bullish traders may like to see the stock consolidate with a retest of resistance now as support before a further upward move. The bears would like to see the stock stop forming higher lows and fail when attempting to retest the $29 area as support.
The daily chart shows the stock has been trading in a channel. The support level at the $20 mark comes from old resistance levels that were retested as support and were able to hold. The resistance from previous highs seems to be near the $35 level.
Bulls would like to see the resistance level break with some consolidation before the price may go higher up.
Bears would like to see the opposite occur with a support level break and consolidation before the price may go lower.
Tilray is trading with a market cap of $4.8 billion and a public float of 143.8 million shares.
Benzinga’s “Get Technical” is all about engagement. Ask for the stock analysis that you want to see! Learn about indicators such as MACD, Fibonacci retracement, RSI and moving averages. Watch today’s show in the video below:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!