rudcharts

$U 12/16/2021

Long
NYSE:U   Unity Software Inc
This one is a fun one. Daily and 15min chart review.


On daily you can see classic cup and handle . Price broke out from neckline and pulled back to neckline looking to turn previous resistance into support. Also has respect from 200 ema .

On the 15min, you see the pullback is still "pulling" back as downtrend has yet to be broken. We did get 2 price rejections at support so this might be an indicator that we might be at bottom.
We have support of 200ema on daily, and price rejections on 15min signaling bottom might be in. Even though I would like to see pullback broken before entering, I think there is enough support to enter.

Trade: -
Entry: $140
Exit: stoploss at 126 or a close below 200 ema on daily chart
Trade active: On the 15min chart, price has extended support down to 131.57. We are now looking at a double bottom pattern. Support level 131.75, minor Resistance level 136, major Resistance @ 142.

On Daily, even with todays drop in NASDAQ, price still closed above 200ema and above stop-loss of 126. Trade remains open
Trade closed: stop reached: stopped: 126
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