Stock has been finding support on a meaningful volume shelf and got positive news about winning a critical new contract this morning. We're bouncing forcefully off the 200 and 20 SMA confluence area on the news and showing signs of improving price action The AVWAP pinch between the February 13th high and the April 7th low is getting very tight, and I believe it will resolve to the upside. As you can see from the volume profile, price has spent very little time between ~$13 and ~$20. We're starting to see animal spirits and a bid return to some of these futuristic new sub-sectors of the market like drones, quantum computing, modular nuclear reactors, and other space names, such at $RKLB...
Between the positive news gaining momentum and attention, the VWAP pinch getting very tight and suggesting a breakout of range soon, and the lack of volume/time spent immediately above this 13 level... I think
RDW could "rocket" towards 20 very soon.
I'd take my first tranch off around $16 and try to ride the rest towards $20, where I'd unload most if not all, depending on how the story/price develops.
Between the positive news gaining momentum and attention, the VWAP pinch getting very tight and suggesting a breakout of range soon, and the lack of volume/time spent immediately above this 13 level... I think
RDW could "rocket" towards 20 very soon.I'd take my first tranch off around $16 and try to ride the rest towards $20, where I'd unload most if not all, depending on how the story/price develops.
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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.