rigorocks
Long

IQ chart 1 day i must be crazy to buy this right?

NASDAQ:IQ   IQIYI INC SPON EACH ADS REP 7 ORD SHS CLASS A
The infamous 1 day chart.

when most people see an asset fall this much they are afraid to buy. not me. i see opportunity here with a great risk to reward potential.
This asset closed today on a doji reversal candle, very close to the 89.3% fib level while inside this wedge pattern/flag pattern. we are oversold on this daily chart as well. we dont have daily rsi divergence though. will we make one more push down to the 89% fib level? possibly....the best course of action here would be to cast a laddering strategy. with the stop just under the 89.3% fib level.
are you willing to risk 5% for a potential 20-50% longterm gain? i just dont see why not.

i hope this quick analysis helps guys and gals

Rigo
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