PRPL Breakout - Above 32.80/ 33 (Buy) Support - 32/ 32.50 (Cut Loss) Targets - 33.50/ 35/ Above 36 (Trim or Sell) Analysis - The inverted head and shoulders pattern indicates a movement towards a bullish trend(Top Yellow). Following that it has formed a bullish wedge if you look at the past 3 months(Yellow). It is forming a symmetrical triangle(Pink) over the...
$PRPL inverse head and shoulders pattern is still valid. Watch for a breakout of the neckline. 1/15/21 30C Good luck!
PRPL - designs and manufactures products which include mattresses and pillows. Asc triangle breakout on daily chart with decent volume. The options chain for Jan 2021 showed 5800 contracts of $35 call traded on Dec 24th, 5300 $35 calls in OI. Will follow up Monday to see change in OI. Hope you had a Great Christmas !
-Primary wave is in Green, starting at Sept 4th low to Oct 20th high -Intermediate wave is in Yellow, starting at the Nov 11th low to the Nov 30th high -Minor wave is in Pink, starting at the Dec 14th low to the Dec 18th high. - The Pitchfork is following the Primary wave Watch for $PRPL to come down next week as it completes the ABC correction to finish minor...
Having crossed above the cloud top today, conditions are satisfied to enter LONG for an expected pop of at least ~4%. This would be just a modest retrace toward today's high so probability is good. We can also see that a successful entry was recently called out by the indicator which boosts confidence. This strategy is based on capturing the quick pop in the day...
Here i take a look at Purple Innovations, breaking down the primary/intermediate/minor wave counts, and overlaying two different pitchforks to see how the elliot wave predictions line up with the historical chart patterns. $PRPL looks to be in a good 1-2-1-2-1-2 setup going into the end of the year. Cut loss below $27 Price Target = $38
Bullish Inverse Head and Shoulders: Watch for a breakout Targets on chart
Test of the EW 1-2-1-2 setup with two pitchforks, one from the March lows to August high (W1 to W3), and another from Sept lows to Oct highs (W4 to W5). Confluence of EW setups with both pitchfork around $40. My trade plan is Jan 15 $40 calls for a quick 30-50% scalp. For less volatility, April calls or common shares can be an alternate route.
Purple Innovation, Inc. designs and manufactures mattresses, pillows, and cushions.
PRPL could become one of my favorite trades on both a fundamental & technical basis. Fundamentally it's dirt cheap; <20x EBITDA, ~3x sales on 50% GMs, 50% growth & 20-25% EBITDA margins. Technically we perfectly bounced off $25. I am looking for the purple (prpl?) channel to break to the upside for push to $28 and then new highs. I am holding April $30c avg $3.30
Going long if it breaks resistance! chart looking good, also very bullish trend Any criticism or tips welcome.