ET (ARE ALIENS REAL?) trends chart
Updated
ET randomly came up on my radar. And yes.
I decided to look at the chart, and it looks like it's about to experience a break out pump, but I don't see the pump really being too significant overall. I'm not so sure it makes it past $15, but maybe.
HOWEVER, there are two things to note, one is the biggest green trend line. THAT IS STRONG. There is a high probability that buying off that big trend will result in a bounce and quick profit. How long it takes to get to that trend is the question. It could be awhile, but it doesn't have to be.
Here is the cool thing, because this stock looks to be maxing out, and seems to be nearing the top, it might be a good play short. Essentially, we pretty much know where it's going, we know it's breaking out on the short term, we're pretty confident there will be resistance at 14-15 with a max of 16-18, we can setup a trade play with this info as it gives us an above average chance of being profitable in multiple directions.
Example, you'll potentially see multiple bounces off the line with some well defined resistance, meaning you can trade both directions. Once that green trend breaks, as noted by the huge downward line, you'll likely see a BIG drop to the downside. When price touches the bottom side of that trend, there is a good probability the short position will be profitable.
I decided to look at the chart, and it looks like it's about to experience a break out pump, but I don't see the pump really being too significant overall. I'm not so sure it makes it past $15, but maybe.
HOWEVER, there are two things to note, one is the biggest green trend line. THAT IS STRONG. There is a high probability that buying off that big trend will result in a bounce and quick profit. How long it takes to get to that trend is the question. It could be awhile, but it doesn't have to be.
Here is the cool thing, because this stock looks to be maxing out, and seems to be nearing the top, it might be a good play short. Essentially, we pretty much know where it's going, we know it's breaking out on the short term, we're pretty confident there will be resistance at 14-15 with a max of 16-18, we can setup a trade play with this info as it gives us an above average chance of being profitable in multiple directions.
Example, you'll potentially see multiple bounces off the line with some well defined resistance, meaning you can trade both directions. Once that green trend breaks, as noted by the huge downward line, you'll likely see a BIG drop to the downside. When price touches the bottom side of that trend, there is a good probability the short position will be profitable.
Note
We got the break to the downside today. Look for potentially more downside similar to the example drawing above.Note
I believe support comes in at 13.9-13.6 That move brings price to 15-18.
Once that strong trend breaks, expect a nice drop followed by a nice runup.
Cashapp: $nicktussing
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Venmo: @nicktussing
Donations appreciated, NOT AT ALL REQUIRED OR EXPECTED.
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