I believe most selling is done, after Wish had its first price discovery and found its top.
Indicators on lower tf show divergence and im expecting prices to go higher before and during earnings (March 8)
I think a Wish meme is all I need for a reason to justify the Put I entered. Can't give full analysis since I'm teaching at the moment. Let's see what happens!
I Originally marked this up on the Daily so the current support zone is really around $26-$27. I just need a few pennies off of the retracement if the market follows my order!
Strike Price: $26.82
After my buy call (reversal trade) on January 11 WISH has exploded higher and is now sitting at the top end of its IPO range. Given its success over the past 3 days I think its prudent to know when and where to at least take partial profits. If this breakout past IPO highs holds that would be fantastic but we have to see how the stock closes today. The level I am...
Wish is down big from its post ipo highs but it looks like it could be setting up for a reversal back into the range (rectangle) and hopefully to the highs at 25. Entry here or at a lower price with a stop below the post ipo lows- 17. The stock is very volatile so I will be trading small but this could be a decent risk/reward set up assuming the overall market holds up.
Time to buy?
At least start accumulate some.
This will be the next Amazon?
Disclaimer, this is only for entertainment and education purposes and doesn't serve by any means as a buy or sell recommendation.
Personally I hold both long term long positions and occasionally short term short position, for disclosure purpose.