RBLX: Long to Recent Highs ($140)
Reasoning: RBLX had a strong gap up on fundamentals and recently pulled back driven by the market weakness (Omicron, Fed Taper, etc.). The market gapped higher this morning and we could see a Santa Rally into year end if the strength continues. RBLX is also a big player of the 'metaverse' theme which is very hot right now.
Trading Plan: Enter RBLX on a pullback to the 23.6% Fib and 21EMA support at 114, and target 140 (recent highs) as the first profit target. If price action looks good then I'll add to the position on pullbacks to the 9/21EMA. The stop out is below 108 (below the open of the day RBLX bounced off 104 support). If it falls below there I'll exit my position and either look for a re-entry if RBLX sets up again or find a better setup elsewhere.
Trading Plan: Enter RBLX on a pullback to the 23.6% Fib and 21EMA support at 114, and target 140 (recent highs) as the first profit target. If price action looks good then I'll add to the position on pullbacks to the 9/21EMA. The stop out is below 108 (below the open of the day RBLX bounced off 104 support). If it falls below there I'll exit my position and either look for a re-entry if RBLX sets up again or find a better setup elsewhere.
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