Taxi and delivery service stocks all look bullish at the moment. Lyft and Grab are both a couple of my favorite longer term swing trade/investment plays just based off risk/reward and how beaten down both the stocks are.
If shown patience this trade could work wonders. I like it a lot because it gets me a little exposure to assets outside the U.S. and from a chart perspective its hard not to love a setup like this.
1. The buy side volume shown here is the highest its ever been for the stock by a long shot.
2. Price has been in a descending wedge type formation for several months now and is attempting to make a breakout, though this month's candle still has a lot of time left.
3. That hammer candle, especially considering it being printed on the 1M timeframe, is incredibly bullish in my eyes.
This chart reminds me a lot of
BABA but a bit earlier in its breakout stages. To me it is clear that accumulation has been taking place for over 2 years now and a big markup is upon us.
I have 3 take profit areas marked based off a few different Fibonacci levels I like that also have confluence with supply/demand dynamics present on the chart.
multiple daily/weekly candles below $4 could be a a good stop loss area as that would invalidate a lot of the bullish structure. Based off the current price this provides you with a minimum 2.75x RR trade and a maximum of 7x RR.
My average price is $4.25. Any pullbacks below $4.50 I will be looking at as great buying opportunities.
Will do my best to update this idea periodically over the next year or so.
If shown patience this trade could work wonders. I like it a lot because it gets me a little exposure to assets outside the U.S. and from a chart perspective its hard not to love a setup like this.
1. The buy side volume shown here is the highest its ever been for the stock by a long shot.
2. Price has been in a descending wedge type formation for several months now and is attempting to make a breakout, though this month's candle still has a lot of time left.
3. That hammer candle, especially considering it being printed on the 1M timeframe, is incredibly bullish in my eyes.
This chart reminds me a lot of
BABA but a bit earlier in its breakout stages. To me it is clear that accumulation has been taking place for over 2 years now and a big markup is upon us.I have 3 take profit areas marked based off a few different Fibonacci levels I like that also have confluence with supply/demand dynamics present on the chart.
multiple daily/weekly candles below $4 could be a a good stop loss area as that would invalidate a lot of the bullish structure. Based off the current price this provides you with a minimum 2.75x RR trade and a maximum of 7x RR.
My average price is $4.25. Any pullbacks below $4.50 I will be looking at as great buying opportunities.
Will do my best to update this idea periodically over the next year or so.
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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.