TLRY stock price fell 24% in the last month and slipped below $2.00 support. The downfall continued in November and prices approached the 52-week low.
Tilray stock price is in a strong downtrend and trading below the downward-sloping 50-day and 200-day EMA.
However, the stock price showed a steep fall without a pullback so it looks oversold. This short-term upmove to the 50-day EMA may trigger anytime from the lows.
Previously, in June 2023, Tilray’s stock price took support near $1.50 and showed a sharp recovery from the low. So, investors expect that if TLRY stock prices retest the $1.50 then a similar kind of pattern may be visible.
The price pattern of the stock is highly bearish so the possibility of V-shape recovery is low. However, the downfall may take a halt for some time and prices might spend time in consolidation.
On the higher side, $2.00 turned out as a resistance zone. So until it gets taken out sellers will remain active and prices are expected to trade with a bearish bias.
Will TLRY Stock Price Hold the $1.50 Support?
TLRY stock price is on the sellers’ radar and no sign of recovery or reversal is visible. The downfall in Tilray shares is supported by a high selling volume indicating genuine investors are taking exit and cashing out their investments.
Till the Tilray stock price trades below $2.00, the trend will stay down and pullbacks will sell off. On the lower side, $1.50 is acting as a savior for the bulls.
If the prices drop below $1.50 then bears will take over the control and drag the price to a new low. The analysis suggests that sellers are more aggressive so $1.50 support is at risk.
Downfall in Tilray Stock Price Erodes the Gains of 2023
Tilray stock price continued to decline by forming lower low swings and eroded the complete gains of 2023. It formed bearish patterns on weekly as well as on daily charts.
At present, TLRY stock price is near the yearly low. So it will be interesting to see whether the buyers can defend it or not.
The supertrend says that till the price trades below $2.00, the trend will remain downward. The RSI at 40 recovering from the oversold territory indicating a temporary pullback is on the way.
Conclusion
TLRY stock price is in a correction phase and trading near to the 52-week low. Investors are expecting that prices might show a bounce from $1.50 support and repeat the historical pattern.
However, the analysis suggests that Tilray stock is in bears’ grip, and until $2.00 is taken out investors should avoid bullish bets.
Technical levels
- Resistance levels: $2.00 and $2.62
- Support levels: $1.50 and $1.30
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/11/15/tlry-stock-price-analysis-tilray-stock-price-back-to-52-week-low/