NYSE:BFT was a big winner last time we played a breakout on the January 27th write up and we were able to capitalize on a 26% move. BFT has spent the last month in a bearish downfall from $18 —> $12 when the market was selling off with uncertainty. Looking at BFT’s chart we sold off to $12.51 this past Friday but managed to rally with the market and close at $14.93. After hours trading saw price action close at $15.09 Friday afternoon so we will have to see where BFT opens at this Monday morning 3/8. Paysafe’s merger with BFT has the vote scheduled for March 23rd so we can see some bigger volume coming into BFT these next few weeks. I have been holding July calls since the end of January including averaging down this week and adding of shares. I will be looking to add April $15 or $17.5 calls for a momentum play.
Chart:
HVN & Fib ext: BFT has a HVN in the area highlighted from $14.50 to $15.88. This also coincides with the 38.2% & 23.6% fib extensions outlined in white. BFT over $16.32 can confirm a breakout back to the highs.
EMA’s: The Daily EMA clouds are all converging at the $15.40-$15.88 lvls which will serve as a strong resistance area. Price action closing over $16.32 lvl can trigger a bigger run.
Plan: $16.32 lvl break with volume accumulation, enter April calls. I expect $17.50 to serve as a resistance lvl and I will watch to see how it behaves there.
*Big believer in the Fintech sector and I think Paysafe has the opportunity to easily break the $20 price range. Ultimately this momentum play in the short term will be affected by the overall market sentiment. Tech has been very weak the past two weeks and although futures and market sentiment has been a little more bullish due to Friday’s closing I am still hesitant and will be playing smaller. If the tech sector gets hot again watch out for BFT to run into its merger as it gains more attention.
Chart:
HVN & Fib ext: BFT has a HVN in the area highlighted from $14.50 to $15.88. This also coincides with the 38.2% & 23.6% fib extensions outlined in white. BFT over $16.32 can confirm a breakout back to the highs.
EMA’s: The Daily EMA clouds are all converging at the $15.40-$15.88 lvls which will serve as a strong resistance area. Price action closing over $16.32 lvl can trigger a bigger run.
Plan: $16.32 lvl break with volume accumulation, enter April calls. I expect $17.50 to serve as a resistance lvl and I will watch to see how it behaves there.
*Big believer in the Fintech sector and I think Paysafe has the opportunity to easily break the $20 price range. Ultimately this momentum play in the short term will be affected by the overall market sentiment. Tech has been very weak the past two weeks and although futures and market sentiment has been a little more bullish due to Friday’s closing I am still hesitant and will be playing smaller. If the tech sector gets hot again watch out for BFT to run into its merger as it gains more attention.
Comment:
BFT still no momentum today even with the market turning around. Watching to see if BFT picks up momentum through next week as we near the merger.
Comment:
BFT still in chop zone right now. Just want it to stay above $14.50 this week. No real volume so far.
Comment:
Big move by BFT today, almost touched $17 and then sold back down to $16.50. BFT was sitting at its $15 HVN for a few weeks now and looks to finally be breaking out. Let's see if BFT can close over $17 early this week setting up for a run back to $18.40.
Comment:
I am in July $12.5, 15, 17.5 calls as well as shares
Comment:
BFT still consolidating after the move back to $17. It needs to stay above $16 or we can head back down to $15.
Comment:
BFT back into its HVN area in the yellow highlight. We are coming into merger news so there may be some extra hype to rally BFT.
Comment:
BFT looked strong mid session today but failed to hold onto any gains. Had decent volume today. Needs to hold above $15.50. Flagging now on daily chart.
Comment:
Another dump by BFT. Needs to hold here or we could see a move lower.