Cannabis Stocks: Is It Time To Buy The Dip After Elections And Legalization Setbacks?
The cannabis sector is showing signs of stabilization following a harsh post-election sell-off triggered by election results.
With Donald Trump’s return to the presidency, a GOP-controlled Senate, and Florida’s rejection of Amendment 3, which would have legalized cannabis, investor sentiment turned cautious, leading to widespread panic selling.
Yet, as of Thursday, some stocks are making a modest comeback, suggesting that Wednesday’s declines may have been oversold.
Cannabis Watchist created using Benzinga Pro
Tilray Brands (NASDAQ:TLRY): A Tentative Recovery
Tilray experienced a sharp drop yesterday, trading down to $1.51 amid panic selling, but has recovered slightly to $1.56, marking a 1.3% gain.
The RSI stands near 41.85, indicating that the stock is approaching oversold.
This could attract buyers, but the stock’s movement remains tentative, with resistance around $1.60, and a figure turning into a hammer, which could indicate final dip levels.
Chart created using Benzinga Pro