THE RKT CHART YOU ALWAYS WANTED…..and then some
Okay so simple and sweet. I am a fan of technical since it is something on the simple form that you can use as a road map. Doesn’t always work on both sides of the trade just like picking up or down daily.
FYI im not a pro, not advice, I like charts.
Start with weekly….stock has had selling pressure from week 2 and has only had one real break up but still overall had selling weight on it based on the weekly (IPO charts are hard since they don’t have a tail to follow).
First attempt out of the gate was that breakout over 40 and failed. can’t tell you why. I can say that it seems to have become selling pressure from everyone that got in up top cashed out below or made off great with short positions…….so what. Stock was driven from 40+ to around 17 or so……thats a sizable move on both sides to make money.
There is hope. a divergence is forming on the Macd weekly showing buyers in that drop coming in and the rounding bottom of the lower indicator shows buying pressure coming in. Indicators are lagging…..so the action ahead of it has accord. Its a general guide of when you have possibly gone too far or are about to. Anyways,
The 0 level on MacD is a common form of resistance and support when it matches with the trading chart….so the MACD being below 0 now means we have weekly selling pressure but tide is turning on smaller time frames (that is why larger is curling, daily is).
So…..our GOAL is that the MACD will curl up and proceed to push back into POSITIVE LAND. enough said.
Nice looking inverse hand and shoulders from the gap after earnings. MACD floated positive and you can see the result……dips get bought up. The stock feels easy going right? Yes it consolidates, but in a gentle, bullish manner. For all you stair case ladder attack morons……this would be what shorts call their inverse ladder attack.
also side note, that shit doesn’t exist. its just buyers and sellers and some have more money so they can manipulate price with bids and flash asks to get prices to move and retail to sell……part of the game. there is a reason some only look at closing price……
ANYWAYS…..DAILY CHART…..is finally starting a nice return off negative land. The shorter timeframes have made it up into positive space but the longer timeframe needs to catch up. Its like the difference of a stock banging the first time in a week or a stock banging after it got some action earlier in the morning also and can hold it’s composure for longer under thrusts…..yes we talking about stocks.
You will notice that the stock jumped the gun up to the gap fill but the indicators hadn’t caught up yet meaning that simply a retrace is allowed to reset and profit taking and so on and so forth in due time.
2 days of that form the handle we would hope, 1 more could work in.
With that said…..go look at the daily and I bet it landed on or closed at a 5 day moving average probably…..just saying math works.
So…we sit on a retrace level with sentiment seeming to be shifting…..$30 is what a daily head and shoulders would target.
do you also see the line that says $31.24? THAT IS A START
Prime fib level to nail and have some consolidation……
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June 10, 2021 at 07:41PM