Hey all,
After a steep pullback, Ocado is sporting what could be a bear flag on all time frames.
I chose to illustrate the weekly in order to show my downside target, which is a reversion to the long-term uptrend.
This stock enjoyed a very strong rally to the upside with Stay-at-home tailwinds in early 2020, but RSI has been in a downtrend pretty much since May 2020, and is now trading beneath Weekly MAs.
Will be on the lookout for a breakdown beneath the flag. Afterwards, I will be watching ~1950GBX support, which may coincide with the 100-week MA. If this level is broken, theres not much support until about ~1450GBX.
I'm long the name and am still bullish on its overall prospects, but this pullback has been necessary. Will be adding more shares long if we trade back down to ~1450GBX.
Any thoughts?
Good luck to all!
(*This is not financial advice, for sake of discussion and illustrative purposes only*)
After a steep pullback, Ocado is sporting what could be a bear flag on all time frames.
I chose to illustrate the weekly in order to show my downside target, which is a reversion to the long-term uptrend.
This stock enjoyed a very strong rally to the upside with Stay-at-home tailwinds in early 2020, but RSI has been in a downtrend pretty much since May 2020, and is now trading beneath Weekly MAs.
Will be on the lookout for a breakdown beneath the flag. Afterwards, I will be watching ~1950GBX support, which may coincide with the 100-week MA. If this level is broken, theres not much support until about ~1450GBX.
I'm long the name and am still bullish on its overall prospects, but this pullback has been necessary. Will be adding more shares long if we trade back down to ~1450GBX.
Any thoughts?
Good luck to all!
(*This is not financial advice, for sake of discussion and illustrative purposes only*)
Comment:
OCDO is testing a break DOWN of the flag this week. Could be seeing some heavy selling over the next few days.
Comment:
Yep i'd say that's confirmed