RBLX- Maybe forming a type of cup pattern.

RBLX-
This has a long way to go, and I honestly do not see it going back up to ATH within the time frame of this cup trend line, but it might follow the path to a slight degree until it breaks.

Currently looking for it to test the 200 MA on the 4hr @ $39.72. Can see it rejecting but if the volume stays elevated, I believe it'll slowly follow the trend up. It was sold off pretty hard, might be time for this to come back north for a bit before finding a higher low.

Comment:

Here is a link to an article. Michael Burry tweets about disinflation and fed decisions would lead to growth stocks going higher in back half of 2022.

-https://investorplace.com/hypergrowthinvesting/2022/06/legend-michael-burry-warns-of-disinflation-and-soaring-growth-stocks/?utm_source=IPIE&utm_medium=eletter&ct=20220702&auth=nonbuyer&encryptedSnaid=KBGapDsF+fTw39Xsr9JbtY3SnYL7RgpwAfxBeBBzpwk=

Trade active:

Target reached and some .. Hit a high of $40.34. We shall see how the week pans out. I would expect a small pull back, lets see how the market feels about RBLX moving forward. Based on Vol Profile 48-50 range could be the next supply zone we'd hit.

Comment:

I'd say Consolidation above and hold of $37 and we'd be in good shape. If we lose $37 , 33-34 would be my downside target.

Trade closed: stop reached:

Haven't been able to update this idea. Stopped out balance @ 37.50. Looking to see if we hold 34-34.25 area to fall in line with the cup. Below that POC is 31.87. If it holds $34 area, I'll look to reenter the trade

Comment:

So far this trade has been playing out, trade wise I'm out. I do own some at a higher price from a long time ago but this looks like it'll follow the cup trend line up. We hit first target of the range $48-$50. Maybe we break through and move up and ultimately fill the gap to $67-$68. Happy Trading

Comment:

Wish I held this longer, but was shaken out by hitting my stop. We are getting through supply slowly. We hit 53.88 this week, still following the trend line of the cup. Hope it still follows but we have been up 4 weeks in the green so I would expect an up but more sideways week here sooner or later. Over $59 and we can fill the gap to $66-$67.

Comment:

RBLX broke trend. Have to wait for new trend to form and we can see what happens.