$OSTK, Inverse head and shoulder breakout #Repost
Updated
-OOSTK has finally ended downtrend as it strongly regained that $60 level. After coming off from a falling wedge and its proper retest of the wedge it gives me confirmation that it's time for this monster to wake up.
-E-commerce has increased significantly during pandemic and as they have embedded crypto payments. I believe there's a big upside coming up as BTC projections for upcoming years are insane. Which most likely will be attracting new investors but it has to give them confidence as it pushes through new highs.
-In terms of patterns you will notice an inverse head and shoulder that is looking to finally breakout. In addition to this we notice on the weekly time frame we have the breakout of the falling wedge but the main takeaway is how MACD is looking to start positive divergence. Because it's a weekly time frame, that means the move will most likely take a few weeks but this also lines up with their earnings coming up in MARCH.
-In terms of levels, this is essentially what I'm looking for:
Consolidation: $68-$70
Long entry: $71 (This will apply only if OOSTK has taken $70 as a clear support)
Target: $81-$83
-There will be sudden stops along the way as there will be profit taking where I'm most likely going to expect stops within $74 and $78 levels before making that last push to $80 as we push closer and closer to Earnings
NASDAQ:OSTK
-E-commerce has increased significantly during pandemic and as they have embedded crypto payments. I believe there's a big upside coming up as BTC projections for upcoming years are insane. Which most likely will be attracting new investors but it has to give them confidence as it pushes through new highs.
-In terms of patterns you will notice an inverse head and shoulder that is looking to finally breakout. In addition to this we notice on the weekly time frame we have the breakout of the falling wedge but the main takeaway is how MACD is looking to start positive divergence. Because it's a weekly time frame, that means the move will most likely take a few weeks but this also lines up with their earnings coming up in MARCH.
-In terms of levels, this is essentially what I'm looking for:
Consolidation: $68-$70
Long entry: $71 (This will apply only if OOSTK has taken $70 as a clear support)
Target: $81-$83
-There will be sudden stops along the way as there will be profit taking where I'm most likely going to expect stops within $74 and $78 levels before making that last push to $80 as we push closer and closer to Earnings
NASDAQ:OSTK
Note
Update: OOSTK hit $81 level faster than expected. Next I expect FOMO to kick in with the full breakout of inverse H&S looking for next stop at $93 and lastly $104Note
Update: OOSTK just hit $93... Monster play looking for the last impulsive move over $100
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