The Technicals Behind GameStop #4
In this idea we are looking at the price of the GameStop stock. Just like in the previous trading ideas, we are going to focus on momentum and breakouts (because that's what we are looking for). It's pretty hard to apply technicals on this stock because we are moving along with emotions and irrationality.
Nontheless, we can see the price moving above the MA50 & MA200 with an upcoming Golden Cross. The last time we saw a Golden Cross appearing on the 15m chart was before the previous breakout at the end of february.
I'm expecting a similar reaction from the buyers within the next days.
We can also see a Divergence which basically tells us that the buyers were present at the market while the price was moving down.
This is a great indication of who is "stronger" and will actually takeover the trend.
Let's see what happens here.
A possible scenario from my side:
Cheers,
Ares
_
Disclaimer: I am not a financial advisor. Everything I share in this channel is how i trade personally. This is a simplistic approach to educate you in using technical analysis on financial markets.
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Nontheless, we can see the price moving above the MA50 & MA200 with an upcoming Golden Cross. The last time we saw a Golden Cross appearing on the 15m chart was before the previous breakout at the end of february.
I'm expecting a similar reaction from the buyers within the next days.
We can also see a Divergence which basically tells us that the buyers were present at the market while the price was moving down.
This is a great indication of who is "stronger" and will actually takeover the trend.
Let's see what happens here.
A possible scenario from my side:
- Entry: 180.00
- Stop Loss: 140.00
- Take Profit: 280.00
Cheers,
Ares
_
Disclaimer: I am not a financial advisor. Everything I share in this channel is how i trade personally. This is a simplistic approach to educate you in using technical analysis on financial markets.
Strategies, Insights & Education: t.me/KOLAcademy
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