Tilray Inc (NASDAQ:TLRY) broke bullish from a triangle on May 25 and on Wednesday its stock had bullish continuation.

The move could be due to one or more of the following possibilities:

See also: How to Buy Tilray Here (ACB) Stock 

What’s Next For Technical Traders: On Wednesday, Tilray made a 7.83% continuation move north on sustained bullish volume.

Tilray’s stock held the eight-day exponential moving average (EMA) as support and regained the 21-day EMA as well. While the eight-day EMA is still trending below the 21-day EMA, it has curled upwards indicating that Tilray’s stock should continue to rise and, if it does, the eight-day EMA will cross back above the 21-day EMA, which would be bullish.

Tilray’s stock is trading above a support level at $15.17 and below a resistance level at $17.57. Tilray’s relative strength index is registering at about 50%, which is very comfortable for the bulls because it has a lot of room to move higher before going into overbought territory.

Bulls want to see the eight-day EMA cross above the 21-day EMA as they continue to push Tilray’s stock over resistance near the $17 mark. If the stock can regain that level, it has room to move up toward the $20 level.

Bears want to see bearish volume push Tilray back down toward its $15 support. If Tilray was unable to hold that price point as support, it could fall back down to $11.87.

TLRY Price Action: Tilray was trading down 1.44% at $16.43 at last check.

(Photo: David Gabric via Unsplash)