ZNGA
After its Uptrend peaked Jan.’21, ZNGA entered a Distribution stage that saw price move sideways until end of July.’21.
Price broke down from range and officially entered Downtrend Aug.’21.
The down move saw price fall from 9.70 to 5.69.
Early Jan.’22, price bounced on a gap move pullback up to high of 9.17. It failed to break back above 9.72 resistance level.
Price entered a minor side-ways range between 8.51 – 9.17 from Jan.’22- end Apr.’22.
It has since broken down from this range and has also pulled back turning previous support at 8.51 into resistance.
Yesterday’s candlestick closed as a shooting star at resistance. Today’s broke below the low of the shooting star. This my cue to enter trade short.
Entry: 8.20
Stoploss: 8.79
Target: 5.87, +28.41%, 3.95 RR ratio
After its Uptrend peaked Jan.’21, ZNGA entered a Distribution stage that saw price move sideways until end of July.’21.
Price broke down from range and officially entered Downtrend Aug.’21.
The down move saw price fall from 9.70 to 5.69.
Early Jan.’22, price bounced on a gap move pullback up to high of 9.17. It failed to break back above 9.72 resistance level.
Price entered a minor side-ways range between 8.51 – 9.17 from Jan.’22- end Apr.’22.
It has since broken down from this range and has also pulled back turning previous support at 8.51 into resistance.
Yesterday’s candlestick closed as a shooting star at resistance. Today’s broke below the low of the shooting star. This my cue to enter trade short.
Entry: 8.20
Stoploss: 8.79
Target: 5.87, +28.41%, 3.95 RR ratio
Note
Disregard analysis above. That was for ZNGA.Please see below for SOFI
Note
SOFISOFI entered a sideways range from the time it went public. It lasted between Jan.’21 thru Dec.’21.
The sideways range ended up being classified as a Distribution stage when price broke down and officially entered a downtrend Jan.’22.
During this downtrend, price has respected the 50ema which has been the Dynamic Resistance thru out downtrend.
Price currently finds itself at Dynamic Resistance of 50ema and we have an overbought stochastic reading. This is my cue to enter trade short.
Existing downtrend + pullback to resistance + overbought stochastic = Short trade entry
Entry: 7.08
Stoploss: 8.74
Target: 4.01, +43.36%, RR ratio 1.85
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.