Is Tilray Stock Ready To Bounce, Make A Reversal?

Tilray Inc. TLRY shares gained Wednesday after the stock was able to see a bounce off of support. The stock has made a double bottom off of the support level and looks to now be pushing back higher.

Tilray was up 4.22% at $10.86 at the close Wednesday.

Tilray Daily Chart Analysis

• Shares look to be bouncing off of support in what technical traders call a sideways channel.
• The $10 level was once a resistance level, but the stock has since found support nearby. 
• The $20 level is somewhere the stock has found resistance near and has been an area the stock struggles to cross above.
• The stock is trading below both the 50-day moving average (green) and the 200-day moving average (blue), indicating sentiment in the stock has been bearish.
• The stock may find resistance near either of these moving averages in the future.
• The Relative Strength Index (RSI) looks to be creeping higher the past few weeks and now sits at 48. This shows that the buying pressure now almost equals the selling pressure in the stock.

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What’s Next For Tilray?

Bullish traders are looking to see the stock bounce off this support level and begin to form higher lows. If the stock can start an upward trend with higher lows, then it may attempt to break the resistance level in time.

Bears are looking to see the stock fall below the $10 level and for it to begin holding the level as resistance. This could cause the stock to see a strong bearish push in the future. Bulls look to be in control of the stock as it trades below both moving averages, bringing a sense of bearish sentiment.