EARS Long Swing-Trade Idea
The rising reverse wedge pattern highlights common lower support and higher resistance trend.
A pattern has emerged where the price appears to spike on/around the 9th and 21st of the month and the price seems to rise up to the next level of the fibonacci retracement (Support/Resistance).
I would consider taking a long position at the $3.50 level for a potential move up to $6.00 by 22/Mar/2021.
The fibonacci retracement levels are derived from a previous high volume price spike event that occurred on 1/Dec/2020 wherein the highest concentration of volume occurred at the $5.14 - 5.61 price range.
It is probable that a high number of investors are locked in within that price range and may induce more sellers at these levels, thus there will be significant resistance to pass through that price range on the next spike. $6.00 is possible, but $5.50 may be a more realistic price target due to resistance.
I currently have no position in EARS, so this is just my unbiased opinion based on previous stock performance.
A pattern has emerged where the price appears to spike on/around the 9th and 21st of the month and the price seems to rise up to the next level of the fibonacci retracement (Support/Resistance).
I would consider taking a long position at the $3.50 level for a potential move up to $6.00 by 22/Mar/2021.
The fibonacci retracement levels are derived from a previous high volume price spike event that occurred on 1/Dec/2020 wherein the highest concentration of volume occurred at the $5.14 - 5.61 price range.
It is probable that a high number of investors are locked in within that price range and may induce more sellers at these levels, thus there will be significant resistance to pass through that price range on the next spike. $6.00 is possible, but $5.50 may be a more realistic price target due to resistance.
I currently have no position in EARS, so this is just my unbiased opinion based on previous stock performance.
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