We have to hold above the lower support line of this symmetrical triangle.
If we close below it on the daily, then we can expect to go even lower (the price target for the break down is very very low).
If we hold and end the day green, then we'll likely stay within the triangle, and move closer towards the 50d MA, which is when I would flip to bullish.
lot of price suppression here. Need new buyers after the 10 million additional shares pushed out onto the market. Also NDX needs to mean revert in the face of interest rates to ATH for this to happen. There's no news expected for QS until June earnings, it would be a miracle if this break $60. I have an April 23rd 55 call set to expire next month, bought that call before the share offering. buying puts if this thing attempts another wave to $60
kevinkostyk
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Any thoughts on the current price action? It seems like we're still respecting the bottom section of the wedge?
Huntz
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@kevinkostyk, I have no further insight, but it does seem like we're cutting it close with the lower support level. We could bounce to $60, or break down way lower, it's 50/50. I think QS will trade similar to the EVs like Nio, tesla, Lucid, so keep an eye on those I guess.
superhumankm
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now?
Huntz
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@superhumankm, I was referring to the previous trading session, but the upcoming trading sessions are all important. We need to stay within the triangle pattern, otherwise we could fall very sharply.
I was unable to view the triangle properly so checked with you.
Huntz
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@superhumankm, if you go to the 2 hour time frame you will see it clearly. We are hitting the lower support of the triangle right now. Need to bounce off it.
superhumankm
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@Huntz, what's the bottom? I have seen it bouncing well in the past 15/20% in a day