Tilray Brands, Inc. (NASDAQ:TLRY) shares are trading lower Monday, pulling back from recent strength in cannabis stocks.
- Tilray Brands stock is among today’s weakest performers. What’s pressuring TLRY stock?
What To Know: Cannabis stocks rallied last week following a report suggesting that President Donald Trump is expected to reclassify marijuana as a Schedule III drug.
The proposed change would place marijuana in the same federal category as certain prescription painkillers. While the move would not legalize or decriminalize cannabis, it would reduce federal oversight, expand access for research and ultimately could improve profitability for licensed operators.
The plan was discussed during a recent phone call with House Speaker Mike Johnson. Trump previously expressed interest in marijuana reclassification in August and has indicated a desire to complete a process that began under former President Joe Biden.
Tilray stock is currently showing mixed signals in its technical setup. The stock is trading 29.1% above its 20-day SMA, which indicates short-term strength, but it’s struggling below its 50-day and 100-day SMAs, trading 7% and 1.3% below those averages respectively.
The RSI is at 62.09, which suggests that the stock is in neutral territory. This level indicates that while there is some bullish momentum, the stock isn’t in overbought territory just yet, allowing for potential upside. Currently, MACD is above its signal line, indicating bullish momentum.
Key support is at $11.50, while resistance is set at $13.50. If the stock breaks below support, it could signal further downside, whereas a move above resistance might indicate a trend reversal.
See Also: Canopy Growth To Acquire MTL Cannabis
TLRY Price Action: At the time of writing, Tilray shares are trading 5.27% lower at $11.51, according to data from Benzinga Pro.
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