Tilray Stock Attempts Bullish Reversal Following New Hampshire Legalization News

Tilray Inc (NASDAQ: TLRY) broke up from a descending channel Benzinga called out but then fell down to backtest the upper descending trendline of the channel and held above it. The break up from the channel was completed on high volume on the 15-minute chart, indicating the pattern was recognized but the stock lacked bullish continuation.

The break from the channel may have been helped by a Marijuana Moment report which said New Hampshire lawmakers found a strategy to begin the process of legalizing cannabis in the state next year. Legislators in the state’s senate are hoping to introduce a constitutional amendment which, if passed, would put legalization on the ballot in 2022.

Options traders don’t see Tilray making a bullish reversal on the news, however, and on Thursday morning two institutional traders purchased two orders of put contracts …

Full story available on Benzinga.com

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