OPEN1 trade ideas
OPEN Trade SetupThere is bullish divergence at this new lower low.
I usually like to see a separate histogram island but this will do because there is a separation on the RSI.
The targets are on the fib nodes up to the golden retrace. Set your limit sells just below them. Not all targets can be hit or will be hit.
take 50% out at the first target and 25%, 15%, 10%,
Set these targets as limit orders with the same stop loss. Usually, if you can do an OCO order it works to have a stop loss and a limit sell simultaneously.
OPEN STOCK CHART ANALYSISPrice action showed strong support during the dip at market open
Bullish divergence is spotted when combining rsi with price action.
Price action is bullishly high above the 20 and 50 sma
The Barchart Technical Opinion rating is a 72% Sell with a Strengthening short term outlook on maintaining the current direction.
Be careful trading against trends.
$OPEN false breakdown, time to long?Opendoor Technologies Inc, one of ARKW's holding, had a false breakdown yesterday(4/12) and it seems to be wanting to retest some resistances.
Pros:
- RSI Bullish divergence on the 4hr chart.
- Seems to have found support with 5 EMA
- Price is close to the bottom of the BB, making it a good R/R trade
Cons:
- Volume has been decreasing, 4/12 breakout had a massive volume compared to the average. (Could be a false breakout to trigger stop-losses which are likely set on (3/31) low
- The stock follows ARK's trend, if ARK's ETFs underperform, it is unlikely that $OPEN will do well.
Critical levels:
Supports: 19 / 20.33 (5EMA)
Resistances: 21 / 22.95 (20MA) / 26.34 (50 EMA)
My position: Entry 21.02 / PT 28.5 / SL 19. Return so far -6.38%
OPEN, BREAKOUT COMING SOON!Hello fellow traders and investors, here's another trade idea.
OPEN has recently pulled back tand has made a double bottom and we are now waiting for the breakout of the wedge, if OPEN makes a recovery to the take profit trendline which offers around a 30 to 35% ROI.
Technicals:
The Macd indicates that it's oversold
The EMA's are in a downtrend
The RSI is oversold
When To Buy:
When it breaks out of the wedge.
When To Sell:
I recommend selling at the take profit trendline which offers around a 30 to 35% ROI.
Fundamentals: Opendoor Technologies, Inc. operates as an online platform for buying, selling and trading-in residential properties. OPEN has a debt/equity of 0.30, sales growth of -80% Q/Q, EPS growth this year of -318%, EPS growth next year of 33%, an ROI of -9.5%, a short float of 3% and I must warn that OPEN is a very volatile stock.
Rating: 25/100 the technicals are decent and the fundamentals aren't great but if it meets your criteria feel free to add it to your watchlist.
I hope you enjoyed this quick analysis and many more to come.
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