Another stock that I have recently seen some discussion on is ASX listed BetMakers Technology group.
Looking at the daily charts, it appears that BET has been printing new highs since Mid Feb, where it broke out of consolidation after crossing the 20 and 50 day MAs 9 and 8 Feb respectively, since then the stock a large break out following a gap up on 17 Feb (around a week out from earnings), before the gap was closed up on earnings release on 26 Feb. Following earnings, the price tracked along the 20 Day MA. Throughout March and April the 20 and 50 day MA's almost look parallel, but the price has been pulling sharply away from the 20 Day MA.
In summary, the trend on this stock looks strong, but I'd be looking for a pull back to around the 20 Day MA for entry, even if it's intraday. Based on what I'm seeing on the chart, I'd expect the uptrend to continue.
As always take this as educational advice only and ensure that if you trade this stock, set an appropriate stop and position size according.
Cheers
Nick the Trader Guy
Check out my blog at www.nickthetraderguy.com, I post a weekly narrative about my journey and regular thoughts about the markets.
Looking at the daily charts, it appears that BET has been printing new highs since Mid Feb, where it broke out of consolidation after crossing the 20 and 50 day MAs 9 and 8 Feb respectively, since then the stock a large break out following a gap up on 17 Feb (around a week out from earnings), before the gap was closed up on earnings release on 26 Feb. Following earnings, the price tracked along the 20 Day MA. Throughout March and April the 20 and 50 day MA's almost look parallel, but the price has been pulling sharply away from the 20 Day MA.
In summary, the trend on this stock looks strong, but I'd be looking for a pull back to around the 20 Day MA for entry, even if it's intraday. Based on what I'm seeing on the chart, I'd expect the uptrend to continue.
As always take this as educational advice only and ensure that if you trade this stock, set an appropriate stop and position size according.
Cheers
Nick the Trader Guy
Check out my blog at www.nickthetraderguy.com, I post a weekly narrative about my journey and regular thoughts about the markets.