Been seeing this name mentioned lately. I have it testing VWAP from the IPO date as well as the 0.618 retracement of the initial dip. No position here now but watching to see how it reacts to this level.
Today's close of BROS daily candle was all time high! and closed green! but I'm sorry to say it looks weak with that upper long wick, it squeezed up to $74.20 in the morning and then sold off all day to a closing at $68.98. The stock is very far extended off the 9 EMA. The volume is declining, buying looks like it's exhausting. Strong support is in the low...
Since Dutch Bros went public it's built a nice range and as political risks mount on Starbucks' China growth, it could provide an opportunity to hedge potential risk to the discretionary sector as a whole. Over time I believe BROS has the opportunity to outperform and could be a hedge fund darling if positive COVID news from Merck continues..
$BROS seems to be a Fintwit darling.
Its sting at support. The one thing that caught my attention the most is that Friday volume was the lowest volume since IPO day
This normally leads to volatility expansion (the calm before the storm if you will).
We're going to start day 6 of BROS soon. It's gone up over 100% in the time and I suspect most are expecting a dump.
It's got "Meme" value as WallStreetBets starts to get traction on the stock.
The actual stops motion has been a step ladder up. Forming supports as it goes up.
Here are all the supports I have identified as we go into day 6.
As a day trader....
