Tilray Inc. (NASDAQ:TLRY) shares traded lower Monday on continued momentum after retail traders pushed the stock lower. Sweetwater Brewing Company, which is owned by Tilray, recently released a new IPA.

Tilray was down 3% to $13.48 at last check.

Tilray Daily Chart Analysis

• Shares have been trading in a sideways channel and have been getting closer to a potential support level where the stock may see a bounce.
• The stock is trading below both the 50-day moving average (green), and the 200-day moving average (blue), indicating the sentiment in the stock is bearish.
• Each of these moving averages may hold as an area of resistance in the future.

Key Tilray Levels To Watch

What’s Next For Tilray?

The bulls would like to see the stock bounce and start heading higher. If the stock can start forming higher lows, it may be able to get back over the resistance level near the $16 mark. Consolidation above this level may let the stock see further bullish moves.

Bearish traders would like to see the stock continue to fall and break below the potential $12 support. If the stock is able to cross below this support level, it may see a further bearish push.