This is a snipe of an asset that has been severely impacted by Covid lockdowns and, in so saying, could be an extremely volatile play if a variant makes headway through Summer and Fall. I don't have a prediction on when this trade may play out, but I'm getting very interested what I see on the chart.
It's in a great location, at least for me, bottoms of ranges between 68.1 and 88.6 x2 off of fibs taken from the past 2 most significant outbreaks.
Price action has been trending upward after break of the trend line from a pop in the spring . Previous to that it saw a high in June 2020, and a 50% play to $4.83 is not out of reach should this asset pick up more buy volume, and absent any spooks to the market. It has multiple W market structure in price action and in the internal indicators. Buy volume is gradually getting greater but still needs to see a more significant push. Maybe on earnings news?
The moving averages are converging and starting to show upward movement. I'll believe it is bull when the 13ema crosses the 30sma. Right now the price is sandwiched between the 30sma and 200 sma, but still looks good imo.
There are two bullish MACD divergences, both confirmed.
MA's pointing up and have crossed the obv and the modified Williams%R.
You can view the fundamentals here. Nothing to write home to mom about, but, more importantly, nothing terribly alarming stands out to me.
I got a double after an entry in Fall 20 and have free stock after a trade in spring 2021. I'me slowly accumulating, and I'm in the trade without stops. Only a small percentage of my investable capital. I'll risk it going to 0. I'm looking to sell half on a double to get my original investment back and let the rest ride.
I'm a beginning trader and like to incorporate technical and fundamental analysis into my trades. I also like when others take the time to share their thoughtful analysis, critique and comment.
I received my discretionary trading education at TRi , School for Trader Development.
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