Stop loss can be so tight that it's probably not the worst gamble out there. Bullish divergence and trying to double bottom around earnings. It rallied on earnings in May so who knows. Very high risk, the company has weak fundamentals.
Triple hidden bullish divergence on MACD and hidden bullish divergence on RSI in oversold territory on a double bottom holding historical support level. Bullish engulfing confirmed on the daily. All timescales look amazing and ready for more upside. This is where it could reverse for real.
Falling wedge breakout with backtest. Targeting top of the wedge and then $14. Sitting right at entry extremally oversold and showing resilience to the overall market weakness. Overall bullish trend (higher lows) and potential cup with handle.
Entry here would be very low risk. We have:
- bullish continuation pattern (ascending triangle)
- triple hidden bullish divergence on MACD on 4h chart
- price sits right at a support level/trendline that held multiple times
- RSI support on 4h chart
Stop loss here could be very tight, just below the support level/trendline that we are hugging right now. It feels...
POWW is trying to hold the $7.50 support which is a good sign but if it doesn't I think that it will present even better trading opportunity with very obvious entry and SL area. Keeping some cash on the side in case we go down to $6.50 zone.
Cup & Handle idea still valid with $14.00+ target should it break above $10.00.
I got excited about NIO looking at its weekly chart but when I zoomed it and tried to do more in-depth analysis I noticed some things I didn't like about it and they lead me to think we will be looking at short-term pullback in this stock soon. Please see notes on the chart, I think it might go as low as $41.7 where it would also test moving average for support....