Reddit 2-17 (scalping + forecast)🔥 Market Overview (Reddit - RDDT)
Trend: Recent uptrend showing signs of exhaustion, possible correction in progress.
Key Levels:
Resistance: $211-$215 (Supertrend resistance zone)
Support: $194-$196 (EMA 200 and recent demand zone)
Indicators:
EMA 9: $201.96 (Price is below short-term EMA, signaling weakness)
EMA 200: $179.48 (Still long-term bullish)
Supertrend: Bearish reversal near $214.93
MACD: Bearish momentum increasing, with a crossover confirmation.
RSI: 36.92 – Approaching oversold territory, suggesting possible short-term bounce.
🔥 Scalping Strategy
🩸 Range Scalping (Preferred Strategy)
Buy near: $196-$198, targeting $205.
Sell near: $205-$210, targeting $196.
Stop-loss: Below $194 (EMA 200 break invalidates bullish case).
🩸 Breakout Scalping (If $211 Reclaims)
Buy above: $211, targeting $220+.
Stop-loss: Below $206 to limit risk.
🩸 Momentum Scalping (For Quick Trades)
Short near: $210-$212, targeting $200.
Buy near: $195-$196, targeting $205.
🔥 Mid-Term Trend Forecast (1-3 Weeks)
Bearish correction in progress, but the $194-$196 zone could act as a strong buy zone.
A break below $194 signals further downside to $180-$185.
If the price reclaims $211, expect another bullish leg targeting $220-$225.
🔥 News & Market Context
Recent strong rally may be exhausting, leading to short-term profit-taking.
No major fundamental catalysts supporting further immediate upside.
Market-wide sentiment could dictate whether support holds or breaks.
🔥 Decision:
🩸 Short-term: Scalp buy at $196, targeting $205.
🩸 Mid-term: Wait for price action confirmation at $194-$196.
🩸 Ideal Play: Short $210-$212, buy dip near $195-$196.
👑 Final Verdict:
Reddit stock faces correction after a strong rally, but buy zones exist around $196. Watch for a reclaim of $211 for further upside. Otherwise, expect a dip toward $194 or lower.
🔥 LucanInvestor's Quote:
"Not every pullback is a buying opportunity—timing is everything." 👑
