HeathHimself

RKDA More Conservatively on the Weekly

Long
NASDAQ:RKDA   Arcadia Biosciences, Inc
This is more of a repost of a previous idea that I happened to have messed up last time, but with more conservative take profit levels than the ballpark slammers I was hoping for before hand. Class B Triple Bullish Divergence on both the MACD and the RSI .
Comment: Sorry for not being more active in commenting on my setups: I don't have a lot of followers so often times I forget to check back on these.

As you can see, on January 19th we RKDA broke above the supply line, and after waddling for a bit, hooked/tested the supply line as support on February 1st, before then taking off and wicking past our conservative Take Profit 1 of $5.38 ... and actually went half way through to our TP2 (Oh hi, Dow's Law!) before wicking back down again.

If you couldn't tell by the chart, RKDA is prone to these ... what's the opposite of a flash crash? I'm going to call it a sick wick. It sick wicks often, which is a good way to play this particular chart and is, also, why my less conservative, more Holy-Mother-of-God-type take profit levels are plotted on my previous RKDA chart. And that's also why I, personally, didn't take profit at TP1 here; I'm playing the more grand slam like levels on a longer term. But if you DID take profit at the TP1 I have plotted here, you would have locked in 84% gains on your money. Not bad, not bad.

Right now, during this heavy downturn in the market over the past two weeks, RKDA has returned to most of its previous levels and is actually testing the broken supply line as support.

If you would allow me a quick second to update our analysis on the daily by visiting here:
You'll see that, plotted by the teal arrows, if RKDA's price can successfully bounce off the new demand line, it will have developed Class B Hidden Bullish Divergence, which indicate a desire for the price to continue its bullish move upwards. Which makes sense, since what is now our demand line was previously the supply line that's been in existence since August 29th of 2019 that was, you know, just broken the other day. You know. ... we didn't decide we liked this for no reason, right?

Of course, if we fail to hold the previous supply line as support, RKDA's long term, multi-year bear trend continues. At least for a while.

Thank you for liking and following my posts, everyone. I'm very honored to have your attention, however short lived it may be, as well as your support. :)

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