1OPEN trade ideas
OPEN Trade SetupThere is bullish divergence at this new lower low.
I usually like to see a separate histogram island but this will do because there is a separation on the RSI.
The targets are on the fib nodes up to the golden retrace. Set your limit sells just below them. Not all targets can be hit or will be hit.
take 50% out at the first target and 25%, 15%, 10%,
Set these targets as limit orders with the same stop loss. Usually, if you can do an OCO order it works to have a stop loss and a limit sell simultaneously.
OPEN STOCK CHART ANALYSISPrice action showed strong support during the dip at market open
Bullish divergence is spotted when combining rsi with price action.
Price action is bullishly high above the 20 and 50 sma
The Barchart Technical Opinion rating is a 72% Sell with a Strengthening short term outlook on maintaining the current direction.
Be careful trading against trends.
$OPEN false breakdown, time to long?Opendoor Technologies Inc, one of ARKW's holding, had a false breakdown yesterday(4/12) and it seems to be wanting to retest some resistances.
Pros:
- RSI Bullish divergence on the 4hr chart.
- Seems to have found support with 5 EMA
- Price is close to the bottom of the BB, making it a good R/R trade
Cons:
- Volume has been decreasing, 4/12 breakout had a massive volume compared to the average. (Could be a false breakout to trigger stop-losses which are likely set on (3/31) low
- The stock follows ARK's trend, if ARK's ETFs underperform, it is unlikely that $OPEN will do well.
Critical levels:
Supports: 19 / 20.33 (5EMA)
Resistances: 21 / 22.95 (20MA) / 26.34 (50 EMA)
My position: Entry 21.02 / PT 28.5 / SL 19. Return so far -6.38%