Tilray Chart Gives Bulls, Bears Clear Risk/Reward Level

Cannabis stocks got a boost on Tuesday after Sen. Chuck Schumer (D-NY), Senate Finance Committee Chairman Ron Wyden (D-OR), and Sen. Cory Booker (D-NJ) announced they will hold a press conference to discuss the Cannabis Administration and Opportunity Act. The proposal is intended to lead to a bill that could protect small cannabis businesses and allow them access to obtain financing from banks. It could also help pave the way toward federal .

Tilray, Inc. (NASDAQ: TLRY) and Canopy Growth Corporation (NASDAQ: CGC) shot up 7.5% and 4.6%, respectively, before slamming into resistance levels and fading. Tilray bumped into a resistance level at $17.50 while Canopy Growth slammed into the 200-day simple moving average on the daily chart and wicked from it.

Profit takers may be waiting to hear from the specific details of the draft before hopping back into positions, but on Tuesday morning a number of options traders decided to …

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