SPCE to the moon?
IF, SPCE respects this set up we will see plenty of long opportunities to follow. Looking for confirmation at break of 32.05 and wave continuation to 34.47, trimming positions at that level as we could see a corrective wave but it could also bust through resistance if momentum and price action is strong. If 34.47 is broken you can expect massive moves, especially with the fundamentals/hype behind this stock with long term targets set at 1.5(57.36)and 1.68(59.54) fib extension of 1st long-term impulse wave. 50/200d moving averages had a strong crossover. I also noticed price bounced off of Volume Point of Control indicating institutional accumulation at the current level.
Objections: Daily RSI is reading over-sold levels as well as tapering of the MACD histogram, these won't mean shit if a major resistance like 34.47 is broken. I would give about 60% conviction on this trade currently, 70% if we can break 32.05, 80% conviction if we break 34.47.
IF, SPCE respects this set up we will see plenty of long opportunities to follow. Looking for confirmation at break of 32.05 and wave continuation to 34.47, trimming positions at that level as we could see a corrective wave but it could also bust through resistance if momentum and price action is strong. If 34.47 is broken you can expect massive moves, especially with the fundamentals/hype behind this stock with long term targets set at 1.5(57.36)and 1.68(59.54) fib extension of 1st long-term impulse wave. 50/200d moving averages had a strong crossover. I also noticed price bounced off of Volume Point of Control indicating institutional accumulation at the current level.
Objections: Daily RSI is reading over-sold levels as well as tapering of the MACD histogram, these won't mean shit if a major resistance like 34.47 is broken. I would give about 60% conviction on this trade currently, 70% if we can break 32.05, 80% conviction if we break 34.47.
Note
was bummed my order didn't get filled this morning with the cross of 32.05, BUT it came back down and offererd me a better buy opportunity. bought calls at 31.70 :DNote
Note
man what a lovely play out. got in right at that bottom at 31.70.. within minutes up to 33... strong conviction here ESPECIALLY after that price action.Note
Trade active
Sold everything at the 34.47 resistance for 50% gain on my contracts. Looking to re enter at $32 area as I am still bullish on this. Trade closed: target reached
Closing this position. Its losing momentum, It was an awesome run, lot of profit made here. I'll probably wait to see what happens and reanalysize and reenter.
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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.