NASDAQ:MDB is showing a lot of strength. If it tests the resistance, pulls back and goes back up, just like drawn on the chart, then buy as a swing trade above 81.93, with a stop at 79.90; however, if the stock gaps up at the open or breaks through the resistance without any pullback, then I wouldn't chase it.
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Mongo DB is off 18% this week due to Amazon making announcement they will offer similar cloud data services.
Watch for basing at 74 back up to $80 on fib retrace on next week. MACD showing blue crossover this week.
AS we can see, we may be getting a third wave rise after the retracement which would result in a price range between the 2 green horizontal lines- this could result in a +/- 20% ROI in a relatively short amount of time.
OF COURSE, this setup can *easily* be invalided because the company only recently IPO'd and wave analysis is hard, but this one is turning out to...
$MDB is a great company and I like the technology (I'm a software developer). Although I think with today's candle closing near the low, a potential gap down is in the books that could trap people that bought yesterday. So there's a potential to make money with puts or shorting the stock if that gap down does occur. Would be a gap and go.
For at least a couple...
I strongly believe MongoDB could be a good long term play, but I am waiting for reentry into the stock. The massive volume on the downside and lack of volume on any move higher as me believe this stock is coming back down. Continue to watch.