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Tilray Inc. (NASDAQ: TLRY) shares are trading higher Monday after they traded down the past couple of sessions. There looks to be no company-evident news to explain the jump Monday, but the company is having an above-average volume day and was trending on StockTwits.
Tilray was up 12.9% at $12.08 at press time.
Tilray Daily Chart Analysis
Shares have bounced off of support and look to be reversing in what technical traders call a sideways channel.
After bouncing at the $10 support level, the stock started to push higher. Now the stock looks like it could be heading toward the $20 resistance level that has held in the past.
The stock crossed above the 50-day moving average (green) Monday, but trades below the 200-day moving average (blue), indicating sentiment looks to be turning slightly more bullish.
The 50-day moving average may now hold as an area of support, while the 200-day moving average may act as an area of resistance in the future.
The Relative Strength Index (RSI) saw a jump higher and now sits at 61 on the indicator. This shows more buyers have been moving into the stock and there is a greater chunk of buyers than there are sellers.
What’s Next For Tilray?
Bullish traders are looking to see the stock continue to push higher and start to form higher lows when cooling off. Higher lows up to the next resistance level are what bulls are hoping to see over the next few months.
Bears are looking to see the stock be unable to start forming higher lows and go on to break below the $10 support level. A break below this level with a period of consolidation could show the stock is ready to continue lower in the future.
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