ALAB shows a structure similar to RDDT(see my previous idea) — a newly listed growth stock that gained strong momentum after breaking above its weekly SMA 20 in mid-May.
After reaching an all-time high, the stock started to pull back in late September.
Recently, a sharp parabolic drop drove the price down toward a confluence of supports:
* the previous swing low around $160(red dotted line),
* the weekly SMA 20 (purple),
* and the Fibonacci 0.618 retracement level of the recent rally.
This week’s candle closed bullishly, reclaiming the $160 area and confirming strong demand at this golden zone. The sharp sell-off likely flushed out retail stop orders, providing the base for a potential next leg up.
Overall, this area offers an attractive risk-to-reward setup, with technical supports aligning across multiple timeframes.
After reaching an all-time high, the stock started to pull back in late September.
Recently, a sharp parabolic drop drove the price down toward a confluence of supports:
* the previous swing low around $160(red dotted line),
* the weekly SMA 20 (purple),
* and the Fibonacci 0.618 retracement level of the recent rally.
This week’s candle closed bullishly, reclaiming the $160 area and confirming strong demand at this golden zone. The sharp sell-off likely flushed out retail stop orders, providing the base for a potential next leg up.
Overall, this area offers an attractive risk-to-reward setup, with technical supports aligning across multiple timeframes.
I follow price, not predictions.
Trends speak louder than opinions.
Follow me to stay updated with my latest trade setups.
Trends speak louder than opinions.
Follow me to stay updated with my latest trade setups.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
I follow price, not predictions.
Trends speak louder than opinions.
Follow me to stay updated with my latest trade setups.
Trends speak louder than opinions.
Follow me to stay updated with my latest trade setups.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.