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Bumble Inc.

BUMBLE IPO -- $10 MOVE; CHEAP DATE!

By ProSTrades
Updated

Time to watch another IPO BMBL

Usually the initial daily price range of anything that has zero history, will give strong support and resistance levels the 1st time they are met, with profits zones back to the opening daily range.

That said, as the chart suggests, I'm looking at $88 as a topping out point AND OR $61 as a bottoming point, both giving the potential for a $10 (10%+) play.

*There is a temporary price level that could be used for support and or resistance going either direction. Certainly a point to watch, if its needed.

*This is my trade idea and not considered as advice*
Comment
The initial opening day's range has also proved to be, 'Temporary support' as anticipated. Profit to be made if the LONG position were played. Still anticipating disparity from the opening range(s) for the better LONG and/or SHORT trade(s).
Comment
Temporary support has proven as temporary resistance. This should prove, one way or the other, as a pivotal point for a HI or LO to form outside the opening range for a great trade back towards its [mean] value area.
Comment
Support found near the LOs suggested; $61 area. If played, its up nicely. Targeting back towards mean pricing, within the opening price range - $10+

There is always the chance the HI resistance is still found above near $88 for a short-side play too.
Comment
Double support at the $61 area. Could've played this level twice so far.
Comment
Price has risen to revisit the opening price range at $70.

Let’s see if it can get the further push up towards the old support/resistance prince line at $72 that was pivotal before the decent lower.

If we climb higher, other areas to watch ... top of opening range at $79 and then we’ll see if we can get the same play to the short side at $88.
Trade closed: target reached
All initial targets have been achieved with several opportunities to profit. No need to hold and give back free money.
Beyond Technical AnalysisbloombergBMBLbumbleChart PatternscnbcIPOnasdaqnysetradingWave Analysis
ProSTrades

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