$APT - AFTERPAY - New Highs. Will it breakout or plunge?

$APT - AFTERPAY - New Highs. Will it breakout or plunge?

A few people on some of the forums are starting to talk about shorting opportunities for Afterpay. I have a pretty good holding with my last top up at $16 and like to trade long only so I'm of course hoping it keeps going up.

Market depth is still good with buyer numbers and buyer volume is still roughly double the sale side so we haven't seen a rush for the exit by any means.

On the 5 minute chart it has tested the old high a couple of times and hasn't dropped back through so will hopefully start to use it for support and continue its run. I think I can also see that the RSI is in oversold territory and headed back up, there looks to be some volume, and the OBV is also heading up so I don't think its run is over yet. Might consolidate and trend sideways for a bit while the market gets used to this new price point. Be interesting to see if it bounces off the MA (200).

The whole market is pretty bullish so that is in our favour as well but my trailing stops are in as always so I'll auto exit if it heads the wrong way.

5 minute chart testing resistance / support

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APT starting to put the scare into 28.

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Afterpay run might be over for a bit. Its broken out of my linear regression channel so a bigger swing to the downside than its normal trading range would support. I though to initially set a new stop loss at $23.79 but decided to give it a little more room at $23.49 instead. The RSI is at low levels and its certainly trading at a good value range so that might encourage buyers to come in and prop it up. It has had such a good run so might indeed be time for it to take a bit of a breather. I would prefer to take an exit if it triggers and cost me $50 or so brokerage than hold and it cost me thousands. Can always buy back in when it heads back up :)

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Time for me to move back into APT. It's past its new capital raise and price has been up for last couple of days with some good volume today after coming out of the trading halt. Around 12-13% upside back to previous highs if it continues to run.

Trade closed: stop reached:

Went the wrong way on news announcement that day about more regulatory oversight and investigation - so stopped out. Will leave it alone for a while until it gets through the various investigation periods.

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APT has been performing well for a while now. Recovering nicely after most recent pullback.

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Back through resistance area.

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Bit of a pullback, but so far it has held its range. RSI pointing back up so might regain some momentum. I also spotted last night that it is in the US Global Payments ETF (etfmg.com/funds/ipay/) so could get some indirect institutional / retail support as well. See if it pushes back through mid $70's to have another crack at $80.