Hello everyone!
Today I take a look at mysterious
SKLZ
price movement.
Why misterious?
I personally think the company has a great business plan, innovative product and tons of growth potential. Fundamentally, if stock price alligns with the business indicators, it should skyrocket.
However, stock price does not reflect that view and just keeps plummeting for the last half a year.
So let's talk charts.
Red trend lines combined with stock movement since February 2021 represent a typical falling wedge.
I drew the predictive blue arrow path in August when price bounced from $10 level.
I was expecting the price to break the wedge and soar up.
Even though we went up on a breakout, that was not for long.
So now I turn to my boxes strategy to help me figure out what is going on.
Key levels are indicated on the chart.
A couple of scenarious here:
Remember!
Look for unusual volume on breakout from the key levels.
Overall, I expect this stock to move much higher in the long run.
Trade wisely and good luck!
-----------------------------------------------------------------------------------------------------------------
Disclaimer!!!
This is not financial advise.
Today I take a look at mysterious
SKLZ
price movement. Why misterious?
I personally think the company has a great business plan, innovative product and tons of growth potential. Fundamentally, if stock price alligns with the business indicators, it should skyrocket.
However, stock price does not reflect that view and just keeps plummeting for the last half a year.
So let's talk charts.
Red trend lines combined with stock movement since February 2021 represent a typical falling wedge.
I drew the predictive blue arrow path in August when price bounced from $10 level.
I was expecting the price to break the wedge and soar up.
Even though we went up on a breakout, that was not for long.
So now I turn to my boxes strategy to help me figure out what is going on.
Key levels are indicated on the chart.
A couple of scenarious here:
- If long-term support breaks, I suggest selling the stock.
- If 12.44 is taken, we see a move higher with 13.93 level retest. If all goes well, I want to see 18 by the end of this year.
- Otherwise, we move sideways in a tight range of the smaller box.
Remember!
Look for unusual volume on breakout from the key levels.
Overall, I expect this stock to move much higher in the long run.
Trade wisely and good luck!
-----------------------------------------------------------------------------------------------------------------
Disclaimer!!!
This is not financial advise.
