📊Funko FNKO stock analysis
In the long term, the market is at the bottom of the price and based on Elliott waves, it has completed the 5th wave of decline and is currently in the 5th wave of decline, which can be suitable for investment.
Support range 6.50
The target is 18.00 and 22.00
Funko took a beating in last year’s bear market, but the stock is quickly coming back to life.
FNKO surged on earnings last week and has given back almost none of the initial move.
Shares are barely retracing and doing so on minimal volume – a sign that no one is selling.
This trade is pretty simple – draw a trend line and buy when it breaks above it. I forgot...
On the hourly chart, the trend started on April 13 (linear regression channel).
Since the trend is not over yet, there is a high probability of profit.
A possible take profit level is 8.32
But do not forget about SL = 9.74
Good luck!
Regards, WeBelieveInTrading
FNKO dropped hard on earnings miss and guidance, but who hasn't? FWD PE of 7. This should dead cat bounce back to $11 in coming weeks. Purchased 50 in the money Jan 20, 2023 $7.50 calls
26% off 52 week high when markets drops over 30% and most leaders down over 50%.
Cup with handle pattern with accumulation signals from alpha bars.
Holding pretty good with this bear markets as well.
High relative strength.
10 W MA and 40w MA in converging.
We could see a very good move to the upside once buyers regain control.
As per the chart,
Gone long on FNKO - Being honest, I think I got in a bit early but we shall see.
Successive higher highs and higher lows
Emerging from base
RSI New highs
Tight stop as always
FUNKO
Trend:
Above 50,100 and 200 EMA
Positive ADX, DI above 20
Trend seems to be strong
Macro outlook:
Speciality retail
Funko is a leading pop culture lifestyle brand.
They provide connection to pop culture with a product line that includes vinyl figures, action toys, plush, apparel, board games, housewares, NFTs and accessories.
Recommendation:
Wait for...
FNKO was coming out of a broken IPO base. It rallied 50% off the lows and continually made higher lows (a constructively pattern for a long position). There was increase volume as the stock started to base out in March- on the left side of the base. As the stock made its way through the base pattern, volume dried up and price volatility contracted, again...
FNKO shares exploded 26% yesterday on the announcement of a 25% acquisition of its shares by former Disney CEO, Bob Iger, and his consortium.
Could this be the third wave to the upside ? The wave counting seems legit. Yesterday's gain also broke the $20.85 pivot high formed on 4 March 2022. This will be a very interesting month for FNKO.
Price is consolidating inside previous months range. Also within previous weeks rang. Is also sitting on the .618 of monthly high low pivot range. Watching for a break out of weekly consolidation.
$fnko did break out of the falling wedge, want to see this green candle intact going into this week's closing. Another thing I am looking to see is volume... Volume is low both on weekly and daily... Which makes me really unsure
I think $FNKO may be headed to do what the title says.. I should have sold at resistance but no I did not because of FOMO. That's alright I still have strong conviction that this will rally on rotation into small caps, and that it will rally BIG because of its NFT business.
