Shares of marijuana stock Tilray Inc (TLRY) continue to grind lower, breaking key support on the chart. Based on the technical chart setup, the stock is setup to go to $12.50 before finding a significant bottom. The $12.50 level is major because of the daily 200 moving average as well as a pivot chart support going back to November 2020. Should the stock trade to this level, investors can look for a significant bounce back towards the $20.00 level. Marijuana legalization will come, but it will take time on the federal level. The likely direction is for states to continue to legalize it over the coming years, with the federal government finally doing it down the road.
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