Tilray Brands Inc. (TLRY) currently has support and resistance levels that are crucial for understanding its price movement. Here's a detailed analysis:
- Support Levels:
- The first support level is at $1.76, which is the lowest price point where the demand is expected to hold up, preventing the price from declining further.
- The second support level is at $1.72, which is a 61.8% retracement from the 52-week low. This level has been shown to provide support historically.
- The third support level is at $1.80 to $1.82, which is formed by a combination of multiple trend lines and important moving averages in multiple time frames. This zone is considered significant for price action.
- Resistance Levels:
- The first resistance level is at $1.84, which is the price point where the supply may exceed demand, limiting the price's upward movement.
- The second resistance level is at $2.50, which is a significant psychological barrier and a potential price target for some analysts.
- The third resistance level is at $3.35, which aligns with a strong resistance cloud and marks a high point that the stock has struggled to surpass.
These levels are dynamic and can change as the market conditions evolve. However, they provide a reference point for understanding the stock's potential price movements. It's important to monitor these levels for traders looking to make informed decisions.
7/30/2024 02:47pm
