As we can see over the past few days a strong rotation is taking place. Growth stocks are on the decline (providing lovely long term position opportunities), and some other stocks like Overstock are breaking out! I entered yesterday betting that the breakout was true and it was confirmed this morning with a huge gain. My TPs are on the chart. I’m going to TP 25%...
Not trading advice as I am still learning, but from what I gather I believe this will ride the red line down to double bottom barring good news, once double bottomed potential for 25-30% on bounce, news of trade deal or higher guidance from 36 hour sale maybe give enough momentum to push up to the 14.50 range. Double bottom forming on the weekly as-well.
Waited for OSTK to come back to the 9.4 - 10.4 range and with the strong reversal and MACD cross on the daily - historically this has been a strong indicator, at least as of recent.
Lots of concern still around this entire company and the day or day operations coupled with their vision / side investments but worth it for a small swing with the rest of the market...
Entry level $113 = Target price $132 = Stop loss $109
Extremely risky trade in a very volatile stock.
Tom Forte of D.A. Davidson.
"You have a very volatile stock that has had recent peaks and valleys .Investors are trying to determine what the assets are worth and the stock is starting to rebound."
Now that the dust has settled a little, the company has more...
OSTK has been sold down to a major support level that it has only seen once before. After reaching this level, there was a green daily candlestick hold leading me to believe this support level is a bottom and will create a bounce to the $13 range. My stop alert will be set for $9 area if invalid.
OSTK has been inundated with negative news since founder and former CEO Patrick Byrne stepped down in August. The stock has seen some intense volatility.
Shorting the stock has proven profitable recently. There is still time to be short, despite the heavy losses already sustained.
On September 16th, OSTK plunged through its 9-Day MA and has been in freefall...
OSTK has shown a horizontal trend over the past couple months and has reached a strong support at about 14.50. Great low risk buy opportunity for a potential 20%+ return.
This website uses cookies to ensure you get the best experience on our website. To learn more about cookies, including how to control cookies, please read our Cookies Policy.
OSTK
