Monster head and shoulders on this stock + flagging short termVery strong head and shoulders pattern on Michael's + we could see it tightening in a flag pattern just above the 21day moving average:
I went long today (combo of options and stock). Also take note of the relative strength today. A lot of stocks are taking a beating. MIK is not.
Stops are really simple on this one - below the flag's low / under the horizontal line representing the neck line of the H&S pattern.
MIK
Michaels Rise in Revenue Leading Price SpeculationI meant to post this last night, but unfortunately, I forgot. Earning came out for Michaels and they were higher than expected, which is a catalyst for further price speculation. We see a clear inverted head & shoulders pattern on the chart that could lead to prices testing the $18 resistance.
MIK Long IdeaI like MIK here. You can see where the price was supported at the 200sma for a few days. Now its moving higher above the supporting MAs
MIK Symmetrical TriangleUpon checking NASDAQ:MIK for about a week.
The chart pattern resembles the Symmetrical Triangle as well as inverted H&S, the most interesting about them all is that we also have the golden cross over 50/200 EMA, for my own due diligence and my adding, in my opinion think it will hit $9.36
Also, on finviz there was an update: Jun-08-20 Upgrade JP Morgan Neutral → Overweight $13
Best time to short MIKMik stock closed below the middle bollinger band, both the MACD and the CCI indicators are showing bearish signals. The stock is below its 200 and 50 day moving average. According to IBD, this stock is perfoming truly bad compared to other stocks (Has a composite rating of 26, while top stocks have it under 98-100). I truly believe this stock can't go any higher in the short term.
Online retailer, niche market, currently on a lovely discount I've recently entered a long position in this gem of a company. It has good fundamentals, fine earnings, and keeps an ear out on new trends in it industry: Retail of arts&crafts stuff. Great online store, 3rd in it's category worldwide according to similarweb stats. Lots of opened new job positions and stable income.
Expecting 27-28$ levels soon, and I'm not kidding :)
