BBIG -- Zooming Out Lots of chatter on fintwit and discord over the past few weeks about BBIG...
I'll spare you the backstory, and assume you've stumbled upon this chart purposefully.
You know there's a merger, and you probably hoped last week was going to bring "more meaningful news!" and thus, "upwards price action!"
"Tiktok!" they told you! Valuation! Billions of dollars!
7! 10 even!! Or at least that's what MrZack and his hairless lizard-person arms promised you.
Sorry, nope. OptionsWolf cut the party short and reminded everyone there was a gap-fill owed around 3.50-3.70 and now bag holders are floating above 4.0 wondering, "wait, we still owe a lower gap fill move... right??."
Well let's zoom out and look. This idea tracks patterns trend lines on the weekly chart, while flagging upcoming expiry dates.
It may be a lazy man's POV (read: I ate a weed gummy), that volume will increase as the expiration date approaches (which will, in turn, affect the momentum of the price action). Actually never mind, BBIG's historical volume data supports that thesis.
Also, did I mention there are still "catalysts" on the horizon?
Despite the fact that no shiny valuation number came out on 6/24/21, the merger IS still on and the valuation WILL come out at some point. I expect the Zash/BBIG folks to milk every last drop of pump they can from "merger anticipation" hype. That means BBIG will grind higher and head back up to test resistance at 6 and IMO, I think it should break through.
But also this isn't financial advice and who the fuck am I, anyway?
I'm still holding profitable options, but I hedged on my commons and I may reload if I get a dip toward 3.75 again. I don't believe in the company, and generally think social media is poison. But also I love it, etc etc.
patrick
