It looks to me as if we are forming a base after downtrend since match 10th lost steam. I expect a trend reversal over the next few weeks and a retest of the level at 280.
This is commonly referred to as a "Cup and handle" pattern. It's a very strong and very reliable bullish pattern.
The underlying psychology is bulls running into a resistance, they retreat to form a base. Meanwhile the bears try to shake out paper hands, forming a slowing downtrend. At the base we have a stalement between bears and bulls, until the bears realise they now only face diamond handed bulls, leading to a retreat of the bears, a retest of the resistance and the eventual break, followed by the continuation of the initial uptrend.
Trade idea: GME long stocks.
Stop loss: if GME breaks 116 to the downside, I consider this prediction to have failed.
Take profit: If you are just trading the technicals, the handle will likely begin at 260 to 280. If you believe in GME, buy and hold.
This is commonly referred to as a "Cup and handle" pattern. It's a very strong and very reliable bullish pattern.
The underlying psychology is bulls running into a resistance, they retreat to form a base. Meanwhile the bears try to shake out paper hands, forming a slowing downtrend. At the base we have a stalement between bears and bulls, until the bears realise they now only face diamond handed bulls, leading to a retreat of the bears, a retest of the resistance and the eventual break, followed by the continuation of the initial uptrend.
Trade idea: GME long stocks.
Stop loss: if GME breaks 116 to the downside, I consider this prediction to have failed.
Take profit: If you are just trading the technicals, the handle will likely begin at 260 to 280. If you believe in GME, buy and hold.
Nota
Two weeks on, I feel like this has aged quite well. The rise actually came in much quicker than I expected. As mentioned I expected another week or so of stagnation until we move upwards. Now I would have to expect to reach the short term top at 260 to 280 within the next week or two.
Dagangan ditutup: sasaran tercapai
I was slightly off with the numbers, and the timing was quicker than I've expected, but overall, I consider this idea to have been successful
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.