WISH: FOLLOWER REQUEST / SQUEEZE??? / CONVERGENCE / LOTTO PLAY
DESCRIPTION: In chart above I have included an analysis of TICKER SYMBOL WISH as per follower request. Despite it's short market history since IPO price action has seen plenty of volatility and has broken many fundamental supports and has fallen into PENNY STOCK TERRITORY. With that being said refer to FULL CHART LINK DOWN BELOW to see what I am talking about.
POINTS:
1. CURRENT DEVIATION is at 0.9.
2. Ceiling for current price action stand at 4 Points while new floor threshold stands at 0.4
3. DOWNTREND MOMENTUM has given way to a DESCENDING TRIANGLE PATTERN.
4. MA'S indicate a tightening of price action (MA LEVELS = 45, 100, 200).
5. MACD indicates POTENTIAL SQUEEZE UNDERWAY with little DEVIATION from MEDIAN.
6. RSI currently does in fact show signs of overbought pressure with current levels oat 64.97.
IMPORTANT: In order to exit PENNY STOCK TERRITORY price action must eventually rise above 4 points to once again be in congruence with previous ALL TIME HIGH.
SCENARIO #1: In a bullish scenario I would only consider a long position if price action is to break above 1.0 to the upside this would confirm current setup and can give way to a potential squeeze.
SCENARIO #2: In a bearish scenario I would consider a shorting position if price action falls anywhere below 0.4 and would not hold any actual stock at that point.
FULL CHART LINK: tradingview.com/chart/UUCv2fGk/
NASDAQ:WISH
POINTS:
1. CURRENT DEVIATION is at 0.9.
2. Ceiling for current price action stand at 4 Points while new floor threshold stands at 0.4
3. DOWNTREND MOMENTUM has given way to a DESCENDING TRIANGLE PATTERN.
4. MA'S indicate a tightening of price action (MA LEVELS = 45, 100, 200).
5. MACD indicates POTENTIAL SQUEEZE UNDERWAY with little DEVIATION from MEDIAN.
6. RSI currently does in fact show signs of overbought pressure with current levels oat 64.97.
IMPORTANT: In order to exit PENNY STOCK TERRITORY price action must eventually rise above 4 points to once again be in congruence with previous ALL TIME HIGH.
SCENARIO #1: In a bullish scenario I would only consider a long position if price action is to break above 1.0 to the upside this would confirm current setup and can give way to a potential squeeze.
SCENARIO #2: In a bearish scenario I would consider a shorting position if price action falls anywhere below 0.4 and would not hold any actual stock at that point.
FULL CHART LINK: tradingview.com/chart/UUCv2fGk/
NASDAQ:WISH
Related publications
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.