In this week’s post, we will take a close look at Tilray, which has experienced very strong swings in the last couple of weeks. A daily chart of Tilray shows its recent activity.
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In March, Tilray broke out of a long-term trendline (red on the chart) that had provided resistance to Tilray’s price for one and a half years. In April, it then came back down to retest that long-term trendline to confirm the breakout. The interesting thing now is that, in this whole process, Tilray created a big wedge formation that has not been broken yet. If it breaks to the upside, it could provide a tremendous opportunity and suggest much higher prices for Tilray. Traders should watch this wedge formation closely. A breakout could signal a strong bullish move.
The world of finance is complex and includes many technical terms. For explanations of these terms, I recommend using the Investopedia dictionary.
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