Pot Stock ALERT: Tilray
Can you believe we’re almost two weeks into the new year?
Time sure does fly, and after stocks started off strong in January the volatility of the past three months feels more manageable today.
And even more exciting…
The Stars Are Aligning Again for Pot Stocks
2018 was a seminal year for pot stocks.
We saw massive deals inked, plenty of new listings, breakout trends manifest and a plethora of new jurisdictions legalizing marijuana.
Does that mean the incredible gains we’ve seen over the past few years are gone?
Absolutely not. And I’m not the only expert who thinks so.
Barron’s reported Wednesday that Piper Jaffray analysts predict the “near-term market for legal cannabis products could be $15–50 billion a year, with global sales growing in the long run to $250–500 billion.”
The report specifically notes that two stocks, Canopy Growth and Tilray, have 30% upside.
My exclusive Penny Pot followers already locked in two massive wins on CGC, including a 404% gain just before the October correction took hold.
Which is why today I want to focus on Tilray and how you might want to play it today.
Tilray: More Explosive Gains Ahead?
When we first started talking about Tilray, the company had just debuted on the Nasdaq, on July 19, 2018.
At the time we liked the fundamentals, but following our own experts’ tried-and-true IPO trading advice we wanted to wait at least a month for pricing to stabilize.
This gave us a potential entry date for Tilray as early as Aug. 20, 2018, at a price of $31.45.
We all know what happened next… By Sept. 19, shares we’re soaring, briefly touching $300, before settling back down to Earth around $120–130. Then after enduring the fall/winter sell-off shares landed at what I call a reasonable $79.70 as of the market’s close Wednesday.
Still good enough for roughly a 153% gain if you loosely followed our advice.
The question now is if a 30% upside is realistic given current share prices. Previously I’ve mentioned I like Tilray up to $100. A 30% increase from Wednesday’s close price would mean a price target of roughly $103.61.
Our Own Trading Legend Weighs In
Piper Jaffray’s claims have legs.
But I wanted to speak with another expert so I sat down with my colleague and trading expert Greg Guenthner to analyze the charts. Here’s what he noted:
“After taking it on the chin all fall and into winter Tilray looks coiled and ready for revenge.” Check out this beautiful chart:
“TLRY posted an incredible run over the summer,” he continues, “with shares jumping from $20 to more than $200, which skews this view a bit.
“It doesn’t look like much on this chart — but Tuesday’s move is a 15% gain. The long coil looks like it could lead to a major run if Tilray can harness its newfound momentum,” summarizes Greg.
Bottom line: Tilray looks pretty good right now.
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Chief Technology Expert, Technology Profits Daily