Tilray Stock Busts Up Through Bullish Pattern: How High Can It Go?

Tilray Inc (NASDAQ: TLRY) on Wednesday broke up bullishly from a descending channel that had been holding the stock down since Sept. 3. Tilray’s stock attempted to break from the same channel on Sept. 17, but was brought back down the following day amid overall market weakness, which resulted in a bull trap.

The stock was trading 6% higher in Thursday's premarket session. An options trader may have recognized some bullish indicators on Tilray’s stock and at 10:13 a.m. Wednesday purchased 616 call contracts at 71 cents per piece with a strike price $12 and an October 15 expiry. The order cost the trader a total of $43,736.

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