qs bounces higher than i expected - solid bull trap. almost hit my downside target perfectly though.
ps. a move like this will take time, could take a year or two, but if you're looking for a solid long term hold, you can't really go wrong with this one.
QuantumScape Corp is engaged in development of next generation solid-state lithium-metal batteries for use in electric vehicles.
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woof. good luck to longs. support pounded over multiple weeks finally gives way on a short report. dropped into the volume void. no business done there so an auction to $20 seems likely.
virtually all post deal SPACs with no revenue are reverting to $10 area so $20 may be a gift.
We have to hold above the lower support line of this symmetrical triangle.
If we close below it on the daily, then we can expect to go even lower (the price target for the break down is very very low).
If we hold and end the day green, then we'll likely stay within the triangle, and move closer towards the 50d MA, which is when I would flip to bullish.
I'd like to see price hold this resistance on the daily time frame.
If price breaks and closes above $65.68, then I'll close the position and salvage what I can.
I expect price to continue to move lower and check $28.
Why did I buy puts with a $30 strike? Because price has already checked the $38 price level annotated by a check mark. I think price could push...
$QS formed a huge Falling Wedge and recently tested the Fibo 0.786 level. EMA20 just crossed SMA50 down on 4h chart which confirms bulls have been weak for a while. RSI 14 also declines. Now I have two scenarios for breaking out of the wedge. Either retry Fib 0.786 level or start a new trend now. No matter where it does break, $QS has a potential of minimum $70+...
Chart requested by: @talentadvisormadhan
$QS is currently in sub-wave 4 of wave C, look for the final push down into the golden buy zone in the weeks ahead.
Wave 3 target sits at $350
This won't happen overnight, but this is a solid long term hold if you're into their tech.