TLRY - A WEED Stock That Can Get Really High
Updated
Nice setup on TLRY here that has been correcting from a powerful rally for some time.
On the previous bounce price tagged the 200ma and completed an ABC correction to 0.618. Here the same thing is happening again - price has today bounced off the 200ma and completed a 0.618 ABC correction.
Also price is approaching 1.618 fib time from the two previous peaks.
This is a long term hold and I've bought a LEAP ITM call option here. IV was around 75, high delta.
This stock is a real firecracker if timed well.
Not advice.
On the previous bounce price tagged the 200ma and completed an ABC correction to 0.618. Here the same thing is happening again - price has today bounced off the 200ma and completed a 0.618 ABC correction.
Also price is approaching 1.618 fib time from the two previous peaks.
This is a long term hold and I've bought a LEAP ITM call option here. IV was around 75, high delta.
This stock is a real firecracker if timed well.
Not advice.
Note
TLRY having a green day in a sea of red. Its a good sign.Note
Up 2% pre-market. Maybe a bounce incoming. We'll see.Note
Price reacted negatively to the 200ma. If price bounces it will be interesting to see how it reacts to the 200ma from the downside. Note
4hr and D RSI on or at lowest point for a year and into oversold so although price can go lower, good chance there will be a good bounce if not a reversal down the road.Note
Price wicked through CDE 1:1 and is holding above. Good chance it reverses here.Note
There are actually two 1:1's here and price has almost tagged both. Perhaps price will tag the second and maybe make a LL, but then with RSI D oversold, probable a bounce to a fib will be following.Note
My slant has changed on TLRY since this sell off. Looking at the W can see larger bearish candles indicate price is in a continuation pattern to the downside. I will now be looking for a bounce to exit, and re-evaluate an entry some other time.
Note
Price is bouncing here.A death cross looks ominous now and perhaps price will tag 200ma around that time.
I wouldn't be surprised if there is an upside fakeout before rejection. I will be exiting in this area and looking to buy again further down the road.
Note
Bullish divergence on the D RSI, but price now looking like a selling climax bottom is coming.No bounce came and I will hold the position and add to it in the $8 area if the gap gets filled there. Should be very oversold by then.
Note
$8.5 will also complete and ABC 1:0.618 from the top.Note
24% move at the open - this is now one to hold and add to, not sell.Note
I think TLRY could fill this gap, but I really like this stock so I'm not selling anything. I'll buy more if the gap fills.
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