SuperMicroComputer....."Ha,ha".....said the clown!
Hello Traders,
On the 17th of December I published an analysis for SuperMicroComputer, (Ticker: SMCI)! This stock is a "public stock" as many traders are investing in this leader in AI technology and you can read the analysis in all the press and websites!
I wrote the following:
" Anyway! The green trendline is the next to be crossed clearly, with the price above it. If so, the next short-term target is @ $305.- and above @ $317.50! Here the triangle is completed and a massive breakout on high volume to $472.- to $596.- is next!
Indeed, on the day I bought the stock it rises to 322.19, but the very next day it starts to fall, dropping to $275.88 and two days later to $276.27! A double bottom!
This drop was not expected by myself!
As a result of this pattern and from an EW perspective, a possible wave 4 was completed and the stock was ready to move higher. It formed an impulsive pattern, a wave 1 to $357.97 and a corrective wave 2 to $305.75. This wave reversed almost exactly at the 0.618 Fibonacci, the most common target for a wave 2 of any degree!
As a result, the stock exploded to a new ATH of $428.69 in Friday's session (19 January) after a better-than-expected revenue estimate (~70% upside potential). !!!! "Boom".... said the clown! (Keep in mind that SMCI will be reporting it's latest financial results on the 29th of January!)
I have drawn the Fibo tool on the pattern, and you will see that the 1.618 Fib. Extension is at $466.04, just close to my predicted target as predicted on the 17th December! "Ha, ha" ... Said the clown!
Traders who followed this trade idea should sell ½ of the position and set the SL at the entry level!
Traders who want to take money off the table .... Congratulations on this trade !!!!
I think the story and the advance isn't down for now, but gimme feedback from those traders who followed this idea!
I will update the count if necessary!
Have a great week.....
Ruebennase
Please ask or comment as needed.
Trading based on this analysis is at your own risk.
On the 17th of December I published an analysis for SuperMicroComputer, (Ticker: SMCI)! This stock is a "public stock" as many traders are investing in this leader in AI technology and you can read the analysis in all the press and websites!
I wrote the following:
" Anyway! The green trendline is the next to be crossed clearly, with the price above it. If so, the next short-term target is @ $305.- and above @ $317.50! Here the triangle is completed and a massive breakout on high volume to $472.- to $596.- is next!
Indeed, on the day I bought the stock it rises to 322.19, but the very next day it starts to fall, dropping to $275.88 and two days later to $276.27! A double bottom!
This drop was not expected by myself!
As a result of this pattern and from an EW perspective, a possible wave 4 was completed and the stock was ready to move higher. It formed an impulsive pattern, a wave 1 to $357.97 and a corrective wave 2 to $305.75. This wave reversed almost exactly at the 0.618 Fibonacci, the most common target for a wave 2 of any degree!
As a result, the stock exploded to a new ATH of $428.69 in Friday's session (19 January) after a better-than-expected revenue estimate (~70% upside potential). !!!! "Boom".... said the clown! (Keep in mind that SMCI will be reporting it's latest financial results on the 29th of January!)
I have drawn the Fibo tool on the pattern, and you will see that the 1.618 Fib. Extension is at $466.04, just close to my predicted target as predicted on the 17th December! "Ha, ha" ... Said the clown!
Traders who followed this trade idea should sell ½ of the position and set the SL at the entry level!
Traders who want to take money off the table .... Congratulations on this trade !!!!
I think the story and the advance isn't down for now, but gimme feedback from those traders who followed this idea!
I will update the count if necessary!
Have a great week.....
Ruebennase
Please ask or comment as needed.
Trading based on this analysis is at your own risk.