TLRY Tilray Daily and Weekly Charts; Oversold; Falling Wedges; Positive Divergence; ;Lower Band Violations; Price Extended

TLRY shareholders have to puff on some pot to soothe their troubled souls. The marijuana stock continues to languish. Keystone liked it at 17-20 so as the ole Wall Street joke goes, he should love it at 15. The pot sector continues to receive negative news as the fledgling industry goes through its growing pains. Remember the days and weeks after the TLRY IPO, traders were tripping over each other toking doobies and bowls and buyiing stock with giddy joy. Alas, they got 'too high' and TLRY rolled over from last spring.

The weekly and daily charts say up. The only thing that can change that is negative news. Charts can only price in everything known up to the minute. Perhaps a good news soundbite will drop and if so, TLRY could be a rocket ship ride higher.

On the daily chart, you can see long holders nibbling on shares at Thanksgiving and price was starting to break out higher, but then, negative news hits and shares slid lower again. Both charts are oversold wanting a relief bounce. Both exhibit falling wedge patterns a very bullish chart pattern. Both have tagged their lower bands so the middle bands range at 16.78-22.12 is on the table as well as the upper band range at 19.09-31.61. Buyers also stepped in at the end of last year with strong volume. Investors are trying to find the bottom in Tilray. You would have to figure that all the negative news across the marijuana industry is probably priced-in.

TLRY is a buy for this year and one of the very rare tickers that may actually go up instead of down in 2020. Looking at the 2-hour chart, price placed a bottom 2 and 3 days ago. A positive divergence bounce occurs and there is actually no reason for price to come back down for a lower low again. TLRY is looking bueno as a speculative long play here forward (Keystone buying now).

In Keystone's 2020 Predictions, TLRY is a favored pick this year. Other tickers in the marijuana space are; SMG, CRON, CGC, MJ, IIPR, GWPH, GWPRF, CARA, CBIS, ZYNE, APHA and ACB. SMG is Scotts soil and fertilizer products which has already had a nice run. It may experience buoyancy in the spring when flowers, and love, is in the air.  MJ is quickly becoming the darling pot ETF. GWPH remains a favorite for its more clinical and pharmaceutical approach to using marijuana. Keystone only likes TLRY and MJ to begin the year. TLRY is a buy now as explained above. MJ is chopping sideways right now and will likely rally as TLRY rallies. MJ may have to relax lower again in Feb-Apr before a solid bottom sends it higher for the remainder of the year.

There should be a multi-week rally beginning now for TLRY and MJ but it may get tricky in February so the charts would need reassessed going forward. It will be interesting to watch since the tickers are battered and beaten and left for dead. Once a relief rally kicks in, it could start today, TLRY and MJ may experience sharp and wild upside spikes. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.

Note Added Tuesday Morning, 1/14/20, at 8:05 AM EST: TLRY gains +12% to 17.37 above the 20-day MA at 16.71 that now serves as support. There's a whole year's return in one day; not too shabby.