On Wednesday, Tilray (TLRY) reached an important technical milestone, seeing its Relative Strength (RS) Rating jump into the 80-plus percentile with an improvement to 84, up from 80 the day before.
The marijuana stock stand to benefit from the latest proposed bill to legalize pot across the U.S. However, there is uncertainty whether the bill will have enough votes to pass.
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As you try to find the best stocks to buy and watch, be sure to pay attention to relative price strength.
This exclusive rating from Investor’s Business Daily tracks price action with a 1 (worst) to 99 (best) score. The rating shows how a stock’s price behavior over the last 52 weeks holds up against all the other stocks in our database.
History shows that the best-performing stocks tend to have an RS Rating of at least 80 as they begin their biggest runs.
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Is Tilray Stock A Buy?
Since hitting a 52-week high of 67 on Feb. 10, Tilray stock has been trading in a long cup-shaped base, but is currently out of proper buy range. See if the stock forms a new pattern or follow-on buying opportunity like a three-weeks tight or pullback to the 50-day or 10-week moving average. Read “Looking For The Next Big Stock Market Winners? Start With These 3 Steps” for more tips. Also, check out “Stocks To Buy And Watch: Top IPOs, Big And Small Caps, Growth Stocks.”
The Canadian pot firm reported negative growth for both the top and bottom lines last quarter. The company is expected to report its next quarterly numbers on or around Aug. 10.
Tilray stock holds the No. 11 rank among its peers in the Consumer Products-Specialty industry group. Central Garden & Pet (CENTA) and Vuzix (VUZI) are also among the group’s highest-rated stocks.
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