Blin creating a textbook cup and handle U shape with flag and beginning to breakout more on volume. This play has more room to go will swing as tech sector continues to be on fire
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Nailed this one, we got a move up to $14 gapped up off this cup & handle.
where do you see this going? where do you think this sudden surge in price came from? is it artificial or natural? could this squeeze?
OG-Investments
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@taylorwhiting09, good question. I will try to answer as best as I can. The market kind of moves from sector to sector, theme to theme. Whether its human nature to want to jump on the latest trend, or algorithms which have aimed their lasers at software - applications for example, but it doesn't matter what the reason is. I will always play technical analysis first, meaning I look at the chart & plot out resistance and support. MRIN was the lead example for the idea of themes. When a stock moves towards a resistance level, if it has enough volume, that resistance level will break and the stock will breakout to the next resistance level assuming volume remains strong. Here a theoretical target would be $10, then even higher if it holds that level as support assuming price action stays strong. Keep in mind that risk management is more important. If you want to get into plays like this I would wait for pullbacks as they will always happen. The question of whether it is a dip, or the end of the trend is usually answered if you look at longer term time frames. Swings need 1hr, 4hr, or 1 day time frames +, here on the 1hr I noticed a bullish looking cup and & handle. There is no such thing as artificial or natural, the only way to understand the market is to stare at charts, learn technical analysis like understanding volume would be the best place to start, and chart patterns!
Taterchip09
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@OG-Investments, i got in at 5.24. Planning on taking some profits around that 10 mark.... Then ill play with houses money and let the rest ride. Thanks for getting back so quick. Your input was appreciated.
Taterchip09
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@OG-Investments, by artificial i meant pump n dump... By natural i meant like did the company do something bullish and were seeing the results