Bull case is WTRH holds 200 EMA and breaks above the $2.75 level which is the local resistance and VWAP from May 12 top. Entire triangle consolidation is occurring above the green line which is the VWAP from the March 19 top. I have removed my normal moving average setup as not to clutter the chart, but if you were to check out the hourly 5/20/50 EMA setup, the EMAs are converging very tightly, so I expect this one to move soon. WTRH is a food delivery stock, so any buying of other Covid names or news of a 'second wave' is bullish for this stock. Being said, market appears to have some favoritism for the Covid resurgence narrative, with this stock consolidating nicely since its parabolic run up. I'll be keeping an eye on this one, I have an alert set for $2.75
I will be featuring the anchored VWAP more often now that Tradingview offers it. What I know about this technical tool is what I have learned by watching Brian Shannon who runs Alphatrends.com, you can find him on stocktwits @alphatrends. I am not affiliated with him in any way, only an admirer of his trading philosophy. I urge you to check out some of his charts and how his use of Anchored VWAP really gives you key support/resistance.
I will be featuring the anchored VWAP more often now that Tradingview offers it. What I know about this technical tool is what I have learned by watching Brian Shannon who runs Alphatrends.com, you can find him on stocktwits @alphatrends. I am not affiliated with him in any way, only an admirer of his trading philosophy. I urge you to check out some of his charts and how his use of Anchored VWAP really gives you key support/resistance.
Comment:
This one is actually showing a nice breakout if you connect 5/28 and 5/12, I still like it over 2.75 even though my initial thesis did not play out. But even more so, at the current price it offers what I think is a really low risk entry bouncing off that $2.00 level, you can see how important that has been since the 3/18 close