Price seems to be reaching for the top resistance line of the long-term (blue-parallel lines) after recently breaking out of the smaller channel we've been bouncing in since Nov. (red/blue )
With Report coming out tomorrow, this could have great potential to Long if we close out daily & weekly above the ~$48 price point, turning it from resistance to support and moving to test the $54-55 resistance of the long term channel.
If we close below ~$48 back into the same channel we've been in for awhile I'll be looking for support around ~$47, any significant drop below that (breaking out below the red/blue short term channel) and I'll be considering a short
I've been pretty impressed by the steady growth this company has been exhibiting the past few months- my hopefulness could be reflecting as bias in my analysis but I think long term especially this company will continue to breach new ATH's
Any advice/feedback/edits on my analysis are always greatly appreciated!
Large sell off- Stop activated. Crazy to see how Earnings Reports can be a strong catalyst for price reversal.
Looking for another solid entry point, as I believe this is a speed bump for the company. However the ~$42.25 area has proven to be a strong Resistance barrier that we've only been able to break through more recently, I'll be waiting to see if we go back down to that level for Support, or if we can bounce back from this difficult Earnings from this ~$46.5 level. Looking to see if we continue further down to ~$42.25/ ~44.5 Support levels and bounce back to turn the ~$48 Resistance into Support again.
However, because the fib sequence lines still seem to be at play, I figured I'd update here for those who care at all.
We seem to be to still be riding within the large parallel channel, which is great. Last week brought us up to that .236 fib level. Fundamentally, I'd think we're likely to see a hard correction back down to test the bottom channel line. However Fundamentals seem less trustworthy. After some chart playing and rubbing the crystal ball, etc I'm starting to expect we'll rise up to test that 0.618 level right about ~$42 area. Which coincidentally enough, is where we dropped down to after the correction post earnings from the original idea above.
Feel free to share your ideas/critiques, etc
Possible Short opportunity?
seems like a good week to "sell the news"
and looks like a possible double-top forming on this weekly chart?
This is still in my "longterm hold" watchlist- but there are also some great straightforward active trade opportunities along the way!
We've broken out of that wide parallel channel (light blue), which is beautiful. RIP to anyone who took a serious position shorting this thing the past month or two.
Breaking above that parallel channel is a beautiful sight, but I wanted to come back and comment on a couple things.
First, I'm very interested to see if we come back down to test that top parallel line as support now that we've broken it as resistance? Especially with the price pumping before earnings ~a week ago, and still continuing to pump after.
Secondly, notice that regression channel (red & blue). I was questioning the relevance of the regression channel since it's generally used in shorter time frames. However now that we've come up and over Pre-Covid price levels, there's been some interesting hits on that regression channel. Note the week of 27 July that the we hit the bottom of the channel but then corrected down. The next week (3 Aug) we've broken back into the regression channel, crossing into the upper blue channel and sliding back down into the red.
I'll be keeping a close eye on YNDX's movement within this smaller regression channel. I'm thinking if we don't test the top of the wide parallel channel (light blue), then we'll stay within this regression channel that contained the trend that YNDX followed a few months before COVID threw a wrench in the works.
Perhaps we'll go down to test the top of the wide parallel line and then climb back up into the old regression channel and move within that for the foreseeable future??
For now, I'll be keeping an eye out for that testing of old resistance as support, and an even closer eye on that regression channel!
I believe I saw somewhere that Russia is picking up on the online Grocery/Food home delivery market- could explain for the recent rally.
Or perhaps people are just finally waking up to the potential of this company.
That said I've entered a very short term position on Puts, with the intent to make gains and re-enter a very long term position to go Long on this.
May add some shares to my IRA to plump that up