Tilray! Tilray! Tilray! (TLRY) . Seems like everyone is talking about it. It is like a muscle car that has gone from zero to 60 m.p.h. in four seconds or zero to 100 m.p.h. at the track. The price movement is parabolic! Someone even asked me about it at synagogue yesterday. I am not kidding. I wrote about pot stocks a long time ago on Real Money, so this kind of price movement did not happen "overnight".
In this limited daily bar chart of TLRY, below, we can see a small amount of basing activity in the $20-$40 area from the middle of July to the middle of August.
From the middle of August the volume starts to climb, the slope of the 20-day moving average line turns positive and the On-Balance-Volume (OBV) line turns up to confirm that buyers are being aggressive. A huge trading range for Wednesday with a mid-range close.
In this five-day 15-minute candlestick chart of TLRY, below, we can get a better sense of the fast movements up and down. Notice the large upper shadow above $270 and the lower shadows below $180. These two levels might contain trading over the very short-term horizon.
In this Point and Figure chart of TLRY, below, we can see the somewhat amazing rally. No price targets are being projected at this time.
Bottom line strategy: TLRY has been explosive on the upside without a doubt. After Wednesday's extreme high/low range and trading halts, we are likely to see a sideways trading range between $180 and $270 for the near-term.
Looking ahead a few weeks or months it wouldn't surprise me to see the price of TLRY to soar still higher. $500 seems like a possible target price.