Taking Chart Requests
I am going to start posting some intriguing charts on CS every weekend.
I’ll also be taking some chart requests. Comment below with any ticker requests and I will get to as many as possible.
Looking forward to sharing charts with each of you!
@odysseus $RKLB This has been a falling knife since its initial pump back in September. SPACs are NOT in favor with the market right now as this has completed a descending triable breakdown as shown below.
$RKLB did put in an inverted hammer candle on Thursday which got some follow through on Friday. Ultimately, earnings on Monday are going to determine its short term direction, but the long term direction is downward. We have some resistance around the $6.70 level if we get a pop after earnings. If it can clear that then we could see $7.50 again, but this is very weak as I expect all pops to get sold off.
We NEVER buy stocks in downtrends.
@shisir $NIO is very weak as well as it should trade under $10 in the next few months. There are two gaps to fill to the downside that act as vacuums - $4.79 and $7.89 - $8.88.
If we get a bounce short term, I think we could see a test of the $16 - $18 range again. Ultimately, it is in a sell every rip and should continue to fade into the gap fills.
If you wish to long this name, stay patient as better prices are coming.
@from100kto1m $LKQ has broken its uptrend and is now trying to reclaim it. Ultimately, we got a bounce off the first support, but we have been unable to reclaim $53.15 which is crucial for me. If we can candle close above $53.15 then we can test $57 again.
If we reject around that $53.15 level, we could see a fade back down to test support as shown below. If we reject and it fades under $42, we should see $36 pretty easily.
@nicknick $SQ is very weak right now as its in a stage 4 decline. I expect every pop to be sold off until under $50. If we get a pop, I expect sellers to come in between $106 - $126.
We did form a hammer candle on the weekly which gives me more bullishness for the next week even if the overall trend is downward.
Be patient if you wish to long this name.