GUSH is really beaten down recently and since it's getting shorted heavily I expect a small reaction soon. This would complete the the triangle before another leg down. daily RSI also at down sloping support. Entry $61.90, Target: $67.99. Quick trade that should play out this week. Stop loss below $60.
Trade closed: target reached
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$68 hit. Could go higher if it breaks out of the triangle but it's a dangerous area!
Hi. How do you see Gush Next week? Thank you for your ideas!
Ravich000
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@Juanymedio, TA doesn't look great, trading below previous support line, attempt to get back in that channel failed (daily candle closed below that line) and it now acts as a resistance. This could suggest that the short-term triangle I posted here could break to the downside and take us as low as $40 next month. The only good news is waning negative momentum on the daily that started diverging within this red histogram island (same low in price on lower levels of negative momo potentially indicating selles exhaustion) but RSI is not oversold and doesn't diverge in the same way so this signal is weak in my opinion (also because there's no island separation). That being said TA on leveraged ETFs can easily fail if the underlying asset performs well and with oil recently breaking out and rising one could hope to see similar rebound in oil-related stocks. Overall I'm fairly neutral at current price levels, GUSH is a trading instrument not meant to be held long term so right now I don't see any edge to open a position but if you are already in one I don't see a reason to close it either. Break below $58-60 range would be bad, anything above $70 would mean we're beaking out of the consolidation so those are the levels to watch I think.
Juanymedio
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Thanks for your answer. I have the impression that this week it will go to both extremes