OPEN - New Swing TradeLooking to play this hammer. I will close out of the position before Feb 1st, 2021.
25M trade ideas
Opened a position in $OPENOpened a 1/15/21 Call today on $OPEN set up is simple, looking for OPEN to stick to trading in its channel, sticking to target fib levels
$OPEN, Zillow, and Redfin correlation and long term bullishOpendoor broke trends today during a period of limited/no support (See related ideas section).
I look to RDFN and Z for wider market trends. These 3 companies are in a similar tech real estate market. There is limited trading history for OPEN and IPOB, TradingView doesn't even allow charting properly. There is a correlation with patterns for RDFN and Z, but there has been higher volume with OPEN. Using 1H ichimoku, both Redfin and Zillow are bullish and have no trends broken. Z is actually slightly positive since the OPEN ticker change. I expect OPEN to get back on a bullish 1H trend once the early stakeholders complete their selling.
This is an accumulation level and it could gain momentum fast as people accumulate. I would like to see a bullish 1H trend since the new ticker launch, which could at the earliest be established during the first week of January, before I recommend going long.
