Island Gaps and Hidden Accumulation: SONONASDAQ:SONO has a lot of Island gaps and another just in the past few months.
The compression of price into a sideways trend is a good pattern.
Also, the black candle that drops below the consolidation and the white candle the next day is a pattern to pay attention to. This means there is some hidden accumulation from Dark Pools at this new higher level of price. Institutional holdings is strong at 85%.
SONO
Sonos - All about the Base (Pattern)US CPI NUMBER TODAY - EXPECT EXTREME VOLATILITY
Sonos Inc - Medium Term - We look to Buy a break of 18.33 (stop at 16.59)
Price action looks to be forming a bottom. Broken out of the Head and Shoulders formation to the upside. Bespoke resistance is located at 18.28. A break of 18.28 is needed to confirm follow-through bullish momentum. Although the anticipated move higher is corrective, it does offer ample risk/reward today.
Our profit targets will be 22.76 and 24.50
Resistance: 18.28 / 21.30 / 22.76
Support: 16.33 / 15.17 / 14.85
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Sono Motors (SEV)This is a chart of the solar EV company Sono Motors (SEV). The company is headquartered in Germany and went IPO on the Nasdaq in 2021.
This stock is presenting a decent risk-to-reward setup because it has been finding support within important Fibonacci convergence zones (yellow area). I created this Fibonacci convergence zone by using trend-based Fibonacci retracement combined with a long-term Fibonacci drawn from the stock's highest ever price down to a price of zero. Any bottoms that form in or near this Fibonacci convergence level will likely be extremely significant.
Aside from a Fibonacci analysis, a double bottom recently formed on the daily chart. Of further note, IPO stocks have been showing signs of beginning to outperform the broader market. While the broader market was making lower lows in June, many IPO stocks, such as SEV, have been making higher lows. Oscillators on the longer-term charts validate this trend by showing signs of beginning to oscillate back to the upside. This is a long-term bullish signal for IPO stocks. Here's a great post by @TradeStation for a more in-depth analysis of the recent IPO outperformance:
$SONO: Short setup spotted$SONO has a great short signal here, paired with a longer term down trend active, coming down from overbought readings in the daily timeframe, and below the most recent 'Key Earnings Level' from the 'Key Hidden Levels' suite of indicators developed by my mentor @timwest . A great setup considering possible implications and the state of affairs in the market these days. You can enter shorts on slight retrace if possible, or try to enter asap when pre market opens, stop loss here should be sufficiently wide (in general a basic 3 times the daily 11 period Average True Range distance from entry works, but you can risk 0.5 average ranges above the yellow box here for a tighter stop). The company was unprofitable until 2020 essentially, and has reached bubble valuations, with growth needing to continue at this pace by 2024 for current valuation to be sustainable. As other growth stocks, it's not where I'd park my money, unless there's a technical short setup forming...
$SONO back towards $45It has maintained overperformance over the consumer discretionary sector (represented by XLY) but has lost some of its relative strength against it.
It appears that the extra alpha and extreme overperformance is going to be back on SONO 's side based on the chart bottom chart where the relative strength is hitting a level that usually would result in a bounce back.
They have earnings coming up and tend to trade very well after earnings, at least initially. On average based on the last 3 earnings reports, they could have roughly a 25.77% return after this upcoming earnings report.
This is also a holiday/seasonal trade for me. They should have a killer quarter.
The company is also extremely well managed and the product is unbelievable. Sonos isn't going anywhere anytime soon unless they get acquired AT A PREMIUM.
NEW POSITION $SONO Target 40.35 for 21.24% $SONO Target 40.35 for 21.24%
Or double position at 26.21
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On the far right of the chart is my Average (Grey) Current Target (Green), and Next Level to add (Red) Percentage to target is from my average.
I start every position with 1% of my account and build from there as needed and as possible.
I am not your financial advisor. Watch my setups first before you jump in… My trade set ups work very well and they are for my personal reference and if you decide to trade them you do so at your own risk. I will gladly answer questions to the best of my knowledge but ultimately the risk is on you. I will update targets as needed.
GL and happy trading.
SONO Reversal: Likely Return to $40+ After OpenLooking to see a run past $40 again for SONO. Much of the analysis presented in the graphs.
So long as we do not get bond yield jitters, this stock should be able to move past the (lighter now) $40 resistance level since it crossed it several times even yesterday despite closing below $40 yesterday (02/25).
I am very LONG ON Sonos. Own several hundred shares in equity (not planning on selling) and dozens of options positions that I day trade based on reversal signals, RSI, and profit-seeking behavior that day. Usually sell the more volatile, shorter-intermediate term contracts at high volume, high open interest, and ITM or near-ITM. Look to June $40 and $45 calls.
Also: hurray to my first post!
Spotify Rumored Buyout of SONO - $4 Billion or more, Over $31Sonos, Inc., together with its subsidiaries, designs, develops, manufactures, and sells multi-room audio products in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company provides wireless speakers, home theater speakers, components, and accessories. It offers its products through approximately 10,000 third-party retail stores, including custom installers of home audio systems; and e-commerce retailers, as well as through its Website sonos.com. The company was formerly known as Rincon Audio, Inc. and changed its name to Sonos, Inc. in May 2004. Sonos, Inc. was founded in 2002 and is headquartered in Santa Barbara, California.
"We are hearing from a European desk (Spotify is based in Sweden) that Spotify is preparing a roughly $4 billion bid to acquire home entertainment company Sonos (over $31 per share). There has been talk of an interest by Apple in Sonos, but the Sonos board is prepared to go ahead with Spotify. Dont know stock/cash terms."
Lets see what happens. Rumor SONO will be bought has been circulating for several months.
Today's price action tells us something is brewing!
Best of luck folks!
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SONO DAILY 30%/50% gains(STOCKS)before we kick start the update. your upvotes/subs are
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So without further due. Keep it short/simple and to the point.
SONO DAILY 30%/50% gains(STOCKS)
IMPORTANT NOTE: this is speculative setup.
results not guaranteed. do your own due dill.
at all times please use a stop loss.
SONO daily chart. strong chart. D1 closed
above key strong S/R level (10 USD).
TP1 is +35% gains, TP2 is +55% gains.
recommended strategy: MARKET BUY @ 10 USD.
SL 9 USD. TP1 +35% TP2 +55%.
good luck traders!
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