Potential double bottom, hammer candle to give some reassurance. Will be interesting to see what happens here, history shows it can run good when they take the brakes off.
The chart speaks louder than any ASX announcement from the board.
Will more state licensing deals save bagholders?
28/08/2020 jumped 92% in 1d from $6.58 to $12.68 on 27-28 august 2020. PointsBet Partners with NBC
30 oct 2020 to 16 Feb 2021 from $9.49 to $17.22 gain 81%
16 Feb 2021 to 28 Feb 2022 from $17.21 to $3.49, loss 79%
PBH looks like it may of completed a 4th wave move, i have set a pending buy order for this on the break of B wave.
Trade will only be active on the break of B wave.
POINTSBET HOLDINGS LIMITED
Showing a potential high reward low-risk trade set upon the breakout of the descending triangle.
Patterns are respecting the low touchpoints of the Arcs and Volume is increasing.
Upside 66%
downside 9.75%
Use a stop loss below the support
Happy Trading :)
PBH has clearly broken its short term downtrend line with High Volume which adds confidence to my analyses that it could move higher in the upcoming sessions. My targets are mentioned below:
TP1 - $14.70 (potential 7% gain)
TP2 - $15.25 (potential 12% gain)
Stoploss - $11.80
Please note these are my own notes, by no means trading advice. Please do your own...
Stop at 13.50, makes for a low risk entry for a bounce here with pbh. Oversold on the 5min and 15min chart, could be a good trade for this week if markets stay neutral or positive as opposed to negative.
Chart wise, pointsbet is healthiest for a base at these levels. Will need to see how next week goes as market weakness the last few days has stopped me out on trades. If your a long term value investor, Pointsbet is still a strong stock based off recent quarterly. Short term traders take caution at these levels.
Bullish on Pointsbet now, will need some consolidation around these levels but quarterly brought out was in my eyes quite impressive for growth. I would let it consolidate here for a few days before looking to enter if you didnt enter on Friday.
Such strong support around these levels, however i wont enter until pointsbet breaks downtrend. Its been winning and losing stock for me with my short term trades, but i still see a lot of potential in the share price if it can break downtrend.
Will repost when pointsbet crosses downtrend.
Long term resistance, turned support. Bounced 3 times at these levels, should be coming to a time where there is one more recoil here, maybe up to 13.50. Chance of a break of support and push lower where next support is at 11.50.
Happy to sit on sidelines here as market as a whole seems weak.
Hopefully a higher low set in on friday and tomorrow there is a push through the 14.20 resistance. Weekly MACD and Stoch lining up for a move higher, but the overhead resistance needs to be cleared.
Good price action for pointsbet so far, needs to clear 14.20 though as quite a bit of resistance around these levels. Entry here with a stop at $13 is a pretty good risk-reward play given movement last 3 days.
A clear and close above 14.30 and movement will begin to the upside.
Follow through tomorrow ideally will see pointsbet go to $14.50 this week or next before some consolidation. Was watching it this morning with a buy order at $12.90 mark, but never got there. Quite bullish on Pointsbet this month, entry here with a stop loss at 12.90 would give a good risk reward. Otherwise, a push above 13.90 on good volume will also be a buy signal.
Gap at 13.26 might as well get filled being this close to it. Low risk entry here imo. Stop loss at 12.50 (break of previous resistance) and target of $15. Its a pretty volatile stock, but this is one of the better low risk charts on the asx at the moment.
Long term support/resistance line, came up in my radar and swooped on it given the low risk entry involved. I dont want to see it break below $13 again, however, a stop loss at $12 takes away any major loss potential.
Took an entry in Pointsbet at $13 a share, stop loss at $12. Its had a massive pullback the last 3 weeks and i feel sellers would now be exhausted. Hopefully a close above the 43EMA on the weekly ($13.10) for a bounce next week.
