DNOW Breakout Setup Intraday Focus on the bullish breakout of this small cap stock
It is technically oversold on the D1 chart timeframe.
Bullish Volume is increasing
Price may break break either both way up/down
Targets are on the chart.
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DNOW trade ideas
$DNOWDouble bottom and a cup & handle along a horizontal support
Daily hidden bullish divergence on the MACD
4hr hidden bullish divergence on the MACD and RSI
Stop = Below horizontal support
1st Target = Horizontal resistance
2nd Target = Horizontal resistance
3rd Target = Measured move of the double bottom
$40k bet calls bottom in DNOWDNOW prints a hammer on the daily chart as 2,000 of April 17.5 calls traded today on the ask for $0.20. This trade is $40k of premium, calling a bottom on DNOW that has fallen from strong resistance at the 22.85ish level. Trader stands to profit $20,000 per $0.10 increment above the break even at $17.70.