It appears that this is yet another stock that has been declining in price over the past some weeks while the RSI shows a declining downside momentum (green lines on RSI/price chart) - AKA Class A bullish divergence.
This indicates to me (a non-professional, newbie investor) that the selloff is cooling down and a reversal might be on the horizon.
RSI could be arguably forming a wedge but with only two touches of the higher trend line it's a bit too early to tell IMO.
I did enter this trade at around $7 so at a loss for now. But I figure this has potential for a pretty big move it it does actually reverse.
Again I am a newish trader so I haven't learned the benefits of setting targets yet the hard way. As such, I am just pulling some gains off the table at some point when the time feels right to cover investments and leaving the rest of my shares intact so I can ride the wave if this does shoot upwards.
I don't do stop loss and what not because I wouldn't invest money that I can't do without, and I have enough savings to live without the invested amount for an indefinite (for now at least) amount of time. Might be a bad take but it is what it is.
This indicates to me (a non-professional, newbie investor) that the selloff is cooling down and a reversal might be on the horizon.
RSI could be arguably forming a wedge but with only two touches of the higher trend line it's a bit too early to tell IMO.
I did enter this trade at around $7 so at a loss for now. But I figure this has potential for a pretty big move it it does actually reverse.
Again I am a newish trader so I haven't learned the benefits of setting targets yet the hard way. As such, I am just pulling some gains off the table at some point when the time feels right to cover investments and leaving the rest of my shares intact so I can ride the wave if this does shoot upwards.
I don't do stop loss and what not because I wouldn't invest money that I can't do without, and I have enough savings to live without the invested amount for an indefinite (for now at least) amount of time. Might be a bad take but it is what it is.
Trade active
Diamond bottom just printed on the 15min and the reaction is there as well. Let's hope this is the triple bottom of fortune!
I'm still in and bought more at 4.88.
Note
Yesterday's 15min shows a diamond structure, as seen on the chart below:This is on a small timeframe and with a modest target of ~$5.40, so nothing to be too excited about, but it's signalling minor short term upside.
Also be aware that since SPY is doing all sorts of crazy moves and the VIX is almost 25, there is more risk in all stock trading than we've been used to over these past few years.
Order cancelled
Marking this as cancelled now since well... This was a disaster hahahahahaha. Anyhow, since I'm never selling with a loss, I'm doubling down.
This weeks volume is by far the highest volume ever on this ticker so I'm thinking it's capitulation - panic selling and shorts. There are likely no shareholders that could sell with profit at these levels - lowest value in what? 20ish years or so.
According to publicly available information, the former executive chairman has noted his pessimistic thoughts on some semiconductor chip deal with the US gov. And that's supposed to cause a 50% drop? Lol.
I will try updating this later so you can follow this adventure of becoming a bagholder. 😃
Anyway, this is now in long term hold basket for me. ❤️ woofwoof
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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.