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Shorting FOXF!! Currently 40.64 Stop loss 41.73 , Target 32.13.
I recently watched a video on that more and more people are ditching their cars and switching to cycling to work and for weekend rides. Mind you, these are not your usual road bikes but premium ones that costs 5 figures and many are customised to fit to the owners! It is also popular in India and I think the trend will gets stronger over time! From the chart...
short lines indicate possible sl, stop buy and tp. A limit buy at the long horizontal red line might also be possible.
Fox Factory Holding Corp. designs, engineers, manufactures, and markets ride dynamics products worldwide. The company offers front fork and rear suspension products for mountain bikes, road bikes, and e-bikes; and powered vehicle products for side-by-side vehicles, on-road vehicles with off-road capabilities, off-road vehicles and trucks, all-terrain vehicles,...
We have observed some strong selling for FOXF over the past month and seen several supports break down. However, we are seeing some buyers coming back to defend the 67.50 support again and it is possible to see further buying with more short covering and traders getting long. Possible target will be 72 where selling might come back again...
FOXF breaking higher, longs at weekly demand and monthly demand zones around 33 and 27.50 price areas. Clear bullish bias with new demand imbalances and levels being created.