What's Next For Tilray Shares After 15% Surge?

Tilray Inc. TLRY shares are trading higher Tuesday after the company appointed a new president of Tilray Canada.

Blair MacNeil will become the new president of Tilray Canada. The stock was trending on social media sites such as StockTwits and Yahoo Finance throughout the day Tuesday.

Tilray closed up 15.8% at $11.66.

See Also: Tilray Appoints Ex General Manager At Bacardi As New Pres Of Tilray Canada

Tilray Daily Chart Analysis

• Shares look to have fallen out of the bottom of what technical traders call a falling wedge pattern, and are looking to recover back above pattern support.
• Narrowing highs and lows have pinched the stock between support and resistance, and now falling below the support could signal the stock is ready for a further push if unable to get back above this support line.
• The stock is trading below both the 50-day moving average (green) and the 200-day moving average (blue), indicating sentiment in the stock has been bearish.
• The stock may find resistance near either of these moving averages in the future.
• The Relative Strength Index (RSI) saw a jump higher Tuesday up to 50. This shows there are now an equal amount of buyers and sellers in the stock.

What’s Next For Tilray?

Bullish traders are looking to see the stock turnaround and cross back above the pattern support. This could hint that the stock isn't ready to make a bearish push lower. Bulls are then looking to see the stock start forming higher lows and move up.

Bears are looking to see the stock continue to hold below the pattern support and then go on to make a bearish push. Bears look to be in control of the stock and would like to keep it that way by staying below pattern support and the moving averages.