I see a double bottom form where the pink box is. The neckline to the double bottom gets tested a few times. Cloned the left diagonal trendline and moved over to the right.
Support at $32.25-$33.
Downtrend started on 6/1 Uptrend started on 7/19 Earnings call on 8/6
Timing seems right for a long entry.
Should I go into more detail in future TA posts? (Should I make future TA posts?
This is my first technical analysis so if I'm way off let's talk!
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The double bottom I'm thinking is a reversal. You can see it much better on the 30m timeframe. I think ELY will hit $43
$43 by when do you think? i have calls 40 8/20 on ely rn. heres hoping
kenyorrogers87
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@unluckyhp mid September if it stays in this channel. Hopefully it breaks through the resistance on the channel, retests and then takes off. Those calls are doing well for me too! With earnings tonight I'd look for the breakout in the am ESPECIALLY once it breaks the 50ma. Good luck!
DetroitMM12
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You may be on to something. As of late ELY has had some big run ups leading into earnings followed by a huge dump right after results. Wouldn't be surprised if this is the start of the movement up as they announce results November 9th.