TRCH - This is a test of the 50% Principle - Retracement neededThe price action on TRCH was expected. On the weekly chart, it was too disconnected from the HMA and RSI was on a down trend. When price gives you higher highs/lows, and the RSI gives you lower highs/lows, this is your Regular Bearish Divergence. This is purely the technical perspective on the way the chart is playing out.
TRCH
Torchlight - Great Potential!-Shares of Torchlight Energy Resources (NASDAQ:TRCH) soared 58% on Monday after the oil and gas driller extended the closing date of its merger with advanced materials manufacturer Metamaterial.
-Torchlight and Metamaterial agreed to push back the transaction date to June 30. This will give Torchlight enough time to pay its shareholders the special dividend it announced on June 14.
-Torchlight's common stockholders who own shares at the close of the June 24 record date will receive one share of Series A preferred stock for every share of common stock they own. The preferred stock will entitle investors to a portion of the proceeds the combined company receives from the planned sale of its oil and gas assets.
-Torchlight has garnered attention from traders on Reddit and other social media platforms. Some of these traders are hoping to ignite a short squeeze by driving up the stock's price and forcing short-sellers to exit their positions. Their goal is to cause so much pain for short-sellers that they rush to buy back the shares they shorted, which could help accelerate the steep rise in the stock's price.
-Still, although short squeezes can create sharp upward moves, they also tend to be short-lived. And when a squeeze ends, investors who bought late in the rally can often suffer sizable losses.
TRCH Fib AnalysisThis is a quick overview of a recent runner $TRCH.
After gapping through all time highs. We have reached, and closed exactly at, the all time 1.618.
This resistance is just as strong as any other and I expect to see some reaction here. Along with this we have a bearish RSI divergence deep in overbought territory.
While we may continue well past this level. Expect a minor correction before any further continuation.
Torchlight Energy Resources locally reversing. TRCHWave 4 of impulse we surmise in this one. Local pullback to occur if we are correct here on this one in an overall bullish trend.
Fibonacci goals are in green, reversal or invalidation is in red. This post is not financial advice, make your own financial advice or pay a certified professional ( you are to statistically faire better at blindly longing SnP500 incase of the latter). Playing on the market whether you are an investor or a trader is risky. No good thing is ever without. Good luck out there.
TRCH - Squeezin' out lemons to make lemonadeTRCH is looking strong. Expect a little pullback for the technical support. But parabolic movement is supported right now. Keep an eye on the weekly. If the price gets too disconnected from the HMA 20, expect a pullback next week to realign. Pretty straight forward squeeze on this one. Hedge wisely though.
TRCHNice breakout. A little bit choppy during the intraday, but as implied by this gap up today, it’s able to hold the breakout area. Would not be surprised to see a day 2 move here and even tho I’m not a fan of Day 2’s, I will keep this on watch for consolidation near highs.
Overstock: Timeline of events that lead to the short squeezeMany people are drawing comparisons to the Overstock (OSTK) special dividend and the one predicted to come for Torchlight (TRCH). This shows some of the catalysts that lead to the Overstock squeeze.
SUPPORT BOUNCE $TRCH Target 2.76 for 49.19% $TRCH Target 2.76 for 49.19%
Or next add level is at .92
I didn't add... just charting... bounced of RSI support...
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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.
$TRCH Target 2.76 for 49.12% $TRCH Target 2.76 for 49.12%
Or next add level is at .92
AAAND I'm back in this one as well at 1.85 and looking for 2.76. Let's go!!!
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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.
BOOOOM!!! Target HIT in premarket 12 days for 63.89% Good GameBOOOOM!!! Target HIT in 12 days for 63.89% Good Game
I Love trading TRCH. I'm gonna let this cool off and I'll be back!!!
NEW POSITION - $TRCH Target 2.36 for 63.89% $TRCH Target 2.36 for 63.89%
Or next add level is at 0.52
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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.
Support ZoneWe're at a very important zone of support. Market correction has allowed us to retest critical support zones, which will determine a lot before this merger with META happens.
TRCH This is Next!Today we seen TRCH jump up premarket and now we could be seeing it come back down to $4.35(Orange Line). However, we could see another bounce here soon but not very likely(Green Line).
TRCH Breakout Buy In Points!
For Tuesday, Feb 16th. I plan on TRCH coming back down to 3.15 area for a buy-in. Next, I think it will either spike back up like previously or trend on the trend line up. I have a Stop Loss trend line, so if it breaks below my stop loss trend I will sell my previous buy-in then buy back when it hits my secondary buy-in line.
--A lot could change Premarket Tuesday so keep that in mind as well.
!!!!!!DO NOT follow the Cyan, and Pink lines. These are just ideas of what could happen. Pink is a Breakout Idea. Cyan is an uptrend Idea.!!!!!
TRCH Tuesday Breakout Playbook!Tuesday, Feb 16th. I am planning on buying in TRCH @ the 3.15 ( AS LONG AS I SEE A BOUNCE/Support ) point with a Primary TGT of $4.00 (Breakout Play), Secondary TGT of 3.80 (Uptrend Play).
Stop-loss Trend Line will act as my trailing stop, anytime it breaks under this trend I will sell my previous buy-in. Then I will buy back in at my Secondary buy-in.
