GME- Bullish Pennant - Can you handle the vertigo?
Updated
Judging by the pattern, a bullish pennant, and the close on friday at +65% or so, clearly above the key supports (25 and 50 MA on the 15min chart) this is a bullish setup.
The weekly chart stochastics are pointing firmly up as well, it looks like we will have a bullish breakout on monday.
The high volatility on this stock means you can lose your shirt easily, take care, this is not sustainable in the long term but with the ammount of interest in this stock generated, do you really think this is where it will collapse? I do not think so, bubbles always last much longer than people expect, because it attracts all kinds of players who know how to benefit from the momentum and the mania. Drive this up even a little and boom, everyone jumps on it.
WSB is over 6m users now, that is an increase of 4 mil users in 2-3 days. If they each buy 5 shares avg. (conservative) that means 20mil shares will be bought. Then there is all the media mania and millions watching that. Looks like the perfect storm to me!
I do think there is serious money to be made here if you can stomach it (I felt pretty sick last friday) can you handle the vertigo of these swings and dizzying heights?
This is not advice, just me talking out loud to myself.
The weekly chart stochastics are pointing firmly up as well, it looks like we will have a bullish breakout on monday.
The high volatility on this stock means you can lose your shirt easily, take care, this is not sustainable in the long term but with the ammount of interest in this stock generated, do you really think this is where it will collapse? I do not think so, bubbles always last much longer than people expect, because it attracts all kinds of players who know how to benefit from the momentum and the mania. Drive this up even a little and boom, everyone jumps on it.
WSB is over 6m users now, that is an increase of 4 mil users in 2-3 days. If they each buy 5 shares avg. (conservative) that means 20mil shares will be bought. Then there is all the media mania and millions watching that. Looks like the perfect storm to me!
I do think there is serious money to be made here if you can stomach it (I felt pretty sick last friday) can you handle the vertigo of these swings and dizzying heights?
This is not advice, just me talking out loud to myself.
Note
There is a theory going around that explain the 1bil GME shares traded in past 3 weeks, because that volume never made sense with just a few million WSB guys buying this stock and holding it, it literally did not ADD UP. But if the stock was counterfeited to drive down the price and eventually with the goal to bankrupt the company, as described here:reddit.com/r/wallstreetbets/comments/l97ykd/the_real_reason_wall_street_is_terrified_of_the/
and here:
counterfeitingstock.com/CS2.0/CounterfeitingStock.html
Order cancelled
Looks like this is not done consolidating and no breakout either
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.