TLRY closes lower for the 2nd day in a row
Tilray Inc. (TLRY) Technical Analysis Report for Feb 13, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, TLRY ended Thursday at 16.13 edging lower $0.20 (-1.22%), strongly underperforming the S&P 500 (-0.16%). Trading $0.53 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on February 7th, TLRY lost -5.38% on the following trading day. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (TLRY as at Feb 13, 2020):
Thursday's trading range has been $0.73 (4.5%), that's far below the last trading month's daily average range of $1.30. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently just the same than usual for TLRY.
Two candlestick patterns are matching today's price action, the Bullish Hikkake Pattern which is known as bullish pattern and one bearish pattern, the Bearish Spinning Top.
Prices are trading close to the key technical support level at 15.57 (S1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could speed up should prices move above the close-by swing high at 17.18 where further buy stops might get activated. Selling could accelerate should prices move below the nearby swing low at 15.65 where further sell stops might get triggered. With prices trading close to this year's low at 15.01, downside momentum could speed up should Tilray break out to new lows for the year.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bearish Intraday Reversal" stand out. Its common bearish interpretation has been confirmed for Tilray. Out of 66 times, TLRY closed lower 60.61% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 69.70% with an average market move of -1.90%.