TLRY surges, gaining $2.86 (56.75%) within a single day on high volume
Tilray Inc. (TLRY) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, TLRY finished Thursday at 7.90 surging $2.86 (56.75%) on high volume, significantly outperforming the S&P 500 (6.24%). This is the biggest single-day gain in over two months.
Daily Candlestick Chart (TLRY as at Mar 26, 2020):
Thursday's trading range has been $3.79 (63.91%), that's far above the last trading month's daily average range of $1.28. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for TLRY.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on March 19th, TLRY actually lost -5.19% on the following trading day.
The market managed to close above the 20-day moving average at 7.29 for the first time since February 21st.
Although the share is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 20" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for Tilray. Out of 24 times, TLRY closed lower 62.50% 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 79.17% with an average market move of -9.97%.