Tilray Stock Trades Green: Technical Levels To Watch

Tilray Inc.(NASDAQ:TLRY) shares jumped Monday after the company announced it willhold a meetingto approve the proposed Tilray-Aphria Inc(NASDAQ:APHA) business combination.

The meeting will be held Friday, April 16.

Tilray Technical Levels To Watch:The short-term, 5-minute chart above has what looks to be an ascending triangle pattern that was broken out of Monday.

This triangle pattern showed higher lows building up to a resistance level of $29. This level was broken and now may hold as a potential support level in the future.

The stock has also been holding the 200-day moving average (blue) and VWAP (pink) as support. As long as those levels are held, the stock may still be considered bullish on the day.

Short-term bullish traders may like to see the stock consolidate with a retest of resistance now as support before a further upward move. The bears would like to see the stock stop forming higher lows and fail when attempting to retest the $29 area as support.

The daily chart shows the stock has been trading in a channel. The support level at the $20 mark comes from old resistance levels that were retested as support and were able to hold. The resistance from previous highs seems to be near the $35 level.

Bulls would like to see the resistance level break with some consolidation before the price may go higher up.

Bears would like to see the opposite occur with a support level break and consolidation before the price may go lower.

Tilray is trading with a market cap of $4.8 billion and a public float of 143.8 million shares.