LK - Potential Drop after recent gain - Levels to watch!

6 Jun 2020

$NASDAQ:LK


Potential short if levels described on chart are broken.
All Information on chart.

NOTE: Tradingview won't let me post 5 minute chart so I will provide it for a more detailed look below.



Use proper risk management and stoploss, always! Happy trading!

6 Jun 2020

Nota

IF SHORTING : Breaking below the blue shaded area of the Gann .768 support is broken into the red zone we have the decision point highlighted on the chart that will further inform where price will flow. PINK ARROWS are potential Price Targets.

IF LONG : If blue support holds and price climbs above high volume node at 5.70 then chart might forming and ascending triangle pattern and will once again hit price target at GOLDEN ARROWS.
LONG TERM TARGET IF LONG : ORANGE DASHED LINES
@ $9.34
@ $20.00 (Top of previous gap down)

6 Jun 2020

Nota

6 Jun 2020

Nota

6 Jun 2020

Nota

Picture Above -------

The short term clusters appear to fit where the pullback has already occurred so if this level holds perhaps we can keep going up if get a ton of buying volume and a break of previous mentioned criteria.

There is a break in symmetry of the golden dotted line, this may be a strong indication of a change in trend from the previous downtrend.

The Intermediate term clusters are a potential buy zone if the short term cluster fails, as well as the other criteria already mentioned are surpassed.

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Volume analysis shows increasing upside volume which we want to see in an uptrend, and decreasing sell volume, also there was a ton of volume in this pullback but bears couldn't yet push it down to critical levels where support would fail.

I do see an increase in short volume interest which corroborates a pullback to lower levels.

We'll definitely find out where she wants to go on Monday. 👍
Cheers,
-Ben

8 Jun 2020

Nota

8 Jun 2020

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