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- 1 Tilray stock price (NASDAQ: TLRY) shot up 35% in the previous week.
- 2 TLRY stock price climbed above the 50-day EMA and is trying to reach the 200-day EMA.
- 3 Tilray Brands beat the revenue estimates but failed to meet the EPS estimate.
Tilray stock price (NASDAQ: TLRY) shot up 35% in the previous week and succeeded to hold the price above $2.00. TLRY Stock witnessed wild short covering after the release of quarterly earnings.
Tilray stock price breakout of the 50-day EMA with a high volume which created a positive hope for long-term investors. It shows that the short-term trend is reversing and buyers are trying their best to rebound.
TLRY stock is racing toward the 200-day EMA which is likely to act as an immediate hurdle for the bulls.
At the end of May, Tilray Brands’ stock fell 21% in a single day and dropped below the crucial support of $2.00. Later, sellers failed to give the follow-through momentum prices entered into narrow-range consolidation.
TLRY stock formed a short-term base near $1.50 to $2.00. Recently, after the release of quarterly earnings stock price breakout of the $2.00 hurdle. Due to this, short sellers were forced to close the positions which triggered a short covering rally.
Tilray stock price closed the previous session at $2.37 with an intraday decline of -0.42%. The market capitalization stands at $1.67 Billion.
Will the short covering in the Tilray Stock continue?
Tilray stock price (NASDAQ: TLRY) performed well in the past week. The recent breakout looks sustainable but prices will face difficulty to hold the higher levels.
Till TLRY stock price sustained above $2.00 the short-term recovery might continue. Moreover, if the buyers succeed to break out of the $2.87 hurdle then 20% to 25% more upside is possible.
On the other hand, if the Tilray stock price drops below $2.00 then the up move will be considered as speculative. The technical analysis suggests Tilray Brands stock is recovering but it might face difficulty to break the supply zone.
TLRY Stock Price Analysis on Weekly Time Frame
TLRY stock price formed a bullish Marubozu candle in a weekly time frame. But buyers failed to give the follow-up momentum in the current week. It shows that sellers are getting active.
The MACD curve rises upward and sustains above the zero line. The histogram bar is also on the rise which also indicates that bulls are returning back to track. The RSI is at 67 near the overbought territory which may raise concern for the short-term bullish traders.
Conclusion
Tilray stock price (NASDAQ: TLRY) witnessed short covering after the release of quarterly earnings. If the TLRY stock price breakout of $2.87 hurdle then more upward momentum is possible. However, the probability of reaching $5.00 by the end of 2023 remains low.
Technical levels
- Resistance levels: $2.87 and $3.58
- Support levels: $2.00 and $1.48
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
