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AwesomeAvani
Aug 24, 2023 9:19 PM

WOOF dropped after an earnings beat now setup REVERSAL Long

NASDAQ:WOOF30
Petco Health and Wellness Company, Inc.NASDAQ

Description

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OPRA on the 30-minute chart dropped after an earnings beat as apparently a lot of traders

expected better. The volume profile shows the vast majority of the trading occurred in

the 5.05 to 5.25 range. This heavy accumulation should result in price movement in due

time per Wycoff. I believe that a long trade is setup for a Fibonacci retracement of the

drop into the middle levels and so 5.85 as shown by the indicator on the chart. The mass index

indicator reached the reversal zone and then triggered with a drop below it confirming

a probable reversal. The MACD is showing bullish divergence.

I will place a buy stop order above the POC line of the volume profile with a stop loss at 12.0

just below the POC line is a safe 10-13% trade which may take into the beginning of next

week. I will take call option contracts as well. If you want to know the details of those,

please leave a comment.
FibonacciOscillatorsEarningsWOOFpetfoodconsmerstaplespostearningsearningsplayvolumeprofileanalysis
Comments
calugaralex2
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I think is a safe bet. I think it can easy go up to 6 dollars. Best of luck
AwesomeAvani
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@calugaralex2, Timing is everything. If Powell's speech tomorrow, spooks the markets lower, the trade is put off until next week.
calugaralex2
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@AwesomeAvani that will affect all stocks, check out my short ideeas...I think they will raise rates once again because people are in the momentum of spending money...most have no financial education and the blame the markets for puting their prices up...funny monkeys. :))
AwesomeAvani
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@calugaralex2, yeah max out the credit cards now that there is a sky high rate that is going higher- cards will hit 40% in due time
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