CLOV34 trade ideas
$CLOV Forming a Falling Wedge Prospects for a Breakout Imminent$CLOV is a health Tech company that is targeting to disrupt the traditional insurance companies. It targets to provide lower health care costs to seniors using medicare plans and provides cheaper coverage and reducing costs by 20%. This is a recent SPAC merger from chamath's famous IPOC (Social Capital Hedosophia Holdings).
Its merger was approver & it started trading on Jan 8th 2021. SCH (social capital) has a series of well known SPACs - SPCE (Virgin Galactic), OPEN (Open Door). This is a third popular merger in this list.
Since its debut it's been spiraling towards the bottom trying to find support. Looking into the chart patterns the downtrend is forming a falling wedge pattern. Once it breaks out of this falling wedge, then the immediate level of resistance are highlighted in this chart (R1, R2, R3). Once $CLOV is able to clear these levels (which i believe is going to need some catalysts in form of analyst targets & positive news on medicare age reduction) this stock is easily $20+ by Feb.
$CLOV is setting up nicely for a big move$CLOV is setting up nicely for a big move. Looking for a break from the trendines in the new couple of days. Currently looking bullish.
$CLOVObviously limited data to chart with, but could see a bounce out of wedge I like the r/r if it dips a little more around $14
