KING trade ideas
my prediction on $KINGTrend price movements are still in the upward phase which started in early September even though there was a reversal which became an area of change in character (ChoCh) and the trendline was broken by forming an LL which then returned to the trend line of bullish continuation with target R1: 189 and R2: 210
This trend prediction supported with indicator belows:
- golden cross on 0 MACD
- stochastic on reasonable number
- %D line crossing %K line on DMI
KING - VELOCITY PLAYI have my positions now
March 24, 2023
The reasons:
1. Low-risk pivot point
2. The stock offers the first buyable base after an IPO
3. It skyrockets up 100% immediately after it went public
4. High relative strength, outperforming the general market
5. The stock is moving on its own universe, marching to its own drummer
6. A decent shakeout, weeding out week holders
7. Big volume on the breakout
Flaw:
Only 6 days pause, 8 days or more is much preferable
