RumbleOn, Inc.Long
RMBL Indecisive and Volatile
On the daily, RMBL is indecisive which is indicated by the Doji candles. The bears have not been able to push the price down since Aug.21 past support at or around 29.10. With big tech sell off last week, RMBL touched support on Sep. 8, 9, and 11 but the bears could not push it lower. Bollinger bands are wide open indicating volatility in price, so no squeeze there. To enter this trade long, a bullish confirmation candle is needed and currently there is not one. It is currently trading just slightly below the 20 day SMA. Once a confirmation is made and an entry, I would set my stop/loss right below the support level of the hammer candle from Aug. 21, at or around 27.08 in case shiz hits the fan. This stock is trending upwards and the sector is hot right now and Covid has changed consumer behavior so I believe this to be very bullish long term with a $50+ price target by December.
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