$OSTK Overstock Reversal trade possible.
Despite todays rally the stock is still 40% off its momentum driven highs.
Alert set for break above $78.50 for a potential long entry.
Targets as per resistance levels.
The daily indicators have bottomed and are in reversal.
BYON trade ideas
OSTK:NASDAQ - OVERSTOCK COM - Got a buy signal. Got a buy signal yesterday on Overstock so back in the trade again. RSI was well and truly in oversold territory and with the big gains on the DOW and NASDAQ last night the buying will hopefully continue. Ran REALLY well before its decline, so hopefully now that its back to a better value area might resume an upward trend. Worth a watch.
Potentially an Ascending Triangle forming for OSTK?It appears as though a Head and Shoulders on the RSI & KST has already played out to the downside, notice the blue Descending Triangle with the red colored lines representing the H&S on the RSI.
Investors should acknowledge that the previous CEO of Overstock was great friends with Warren Buffett and spoke with him privately before departing the company.
I find no coincidence that Bank of America is now involved with book running a financing regarding OSTK, interesting.
Buffett recently ventured into Gold by buying shares in Barrick Gold, "if" Buffett was going to buy anything crypto related I would imagine Overstock is of interest. Buffett sold basically all his bank stocks except Bank of America, interestingly Buffett bought more Bank of America.
tZERO said Hong Kong-based private equity firm GoldenSand Capital (formerly known as GSR Capital) has bought a 5 Million stake in the company earlier in the year, I mentioned before I wouldn't be surprised If Chinese investors are supporting this stock heavily now, especially since China is rolling out their new digital currency.
It would make sense given the parabolic rise in the OSTK since the announcement and chart I've linked to this chart.
Nothing wrong with a little speculation.
Back to the chart, if we get a bounce off the green upward sloping support and the price gets rejected at the horizontal green line of the potential Ascending Triangle, the RSI is likely get back into what was a descending triangle and could potentially top out at the downward sloping resistance of the blue pattern in the RSI. Or, It's possible OSTK could get back into the blue pattern on the RSI and create a support at the base of the pattern to then look for some higher high creation.
We've possibly seen a blow off top that will end in a bearish H&S pattern that has already played out on multiple indicators. Interestingly, the price has not formed the right shoulder yet, I have placed three coinciding red lines to represent the potential H&S.
Or, OSTK simply has seen a healthy correction back to the public offering price of $84.50 per share, and now we're going to continue the parabolic uptrend?
It's possible we see a Golden Cross on the KST this week, I've placed a question mark icon to represent where a potential golden cross may occur, if the green line crosses the red to upside similar to previous examples on the chart where I have placed blue fingers pointing upward OSTK would start looking very bullish.
Head and Shoulders OSTK???Another one. OSTK could be following the same path as FSLY. They are bother perfect candidates for a Head and shoulders pattern. Watch for price action to complete the right shoulder. If we break the neckline, watch the rug be pulled and this to fall quickly to $55. The ENTIRE market is overvalued and everyone knows it. I said september is the month things will fall apart. Lets see
OSTK is trading in an Ascending Triangle.Keep an eye on the KST, if the price continues rising but there is no higher high on the KST or the RSI there will be a double bearish divergence formation.
KEY TAKEAWAYS of Ascending Triangles.
The trendlines of a triangle need to run along at least two swing highs and two swing lows.
Ascending triangles are considered a continuation pattern, as the price will typically breakout of the triangle in the price direction prevailing before the triangle. Although, this won't always occur. A breakout in any direction is noteworthy.
A long trade is taken if the price breaks above the top of the pattern.
A short trade is taken if the price breaks below the lower trendline.
A stop loss is typically placed just outside the pattern on the opposite side from the breakout.
A profit target is calculated by taking the height of the triangle, at its thickest point, and adding or subtracting that to/from the breakout point.
OSTK continues its run to $130OSTK is in the middle of an extension wave. It consolidated in wave 4 of its extension today forming a pennant.
Wave 5 should be next with a target range of $127-130.
OSTK Still Bullish- WOWBig Pattern was overlooked in initial analysis where reversal was called too early. New Target... Makes sense now why we have such bullish activity here. Shark Pattern!!
I am seeing 142 as the target.. When this comes- it may be good idea to prepare in advance for the dump. IT may be violent
$OSTK Is now a time to be a buyer for the long term?Overstock's $OSTK monthly RSI is over 80 for only the 4th time in its history! I would argue that now is NOT the time to be a buyer, for the long term!
OVERSTOCK COM Chart Hey investors, OVERSTOCK COM is in a fake bearish configuration on the TIMEFRAME 5 min we see a strong bullish signal with sellers pushing back. OVERSTOCK COM has confirmed a large volume of purchases but it also requires a rise, Great potential that we breakout the consolidation zone to reach an important point.
Which is at the top of the new consolidation zone and after seeing the trade of the decision zone which is on its shadow.
Please LIKE & FOLLOW, thank you!
Is OSTK trading in a bullish flag or descending triangle? Overstock appears to be trading in a bullish flag or a descending triangle, notice the downward red line of sloping resistance & the green horizontal line represents the baseline of support, but if breached this pattern is likely a descending triangle.
If the descending triangle plays out I'd expect to see the blue upward sloping line potentially act as support, this could start to form a ascending triangle depending upon how the bullish construction looks on the chart forms over the next few days.
Overbought!See what happened last 2x RSI went > 80 on monthly. NCAV/ Share =2.5 (.04 away from where it crashed 97.33% from highs in Jan18 to lows March20.) Not saying it won't go higher, but looks ready for a spectacular pull back!
