$FOXF IdeaLooking for a break out soon. Looking to take a position of the lower weekly band. OR, wait for a break of the upper monthly band, and get in off the lower monthly band. This one will take some patience, so keep an eye on it.
FOXF trade ideas
$FOXF Breakout Failure Reset$FOXF is another low risk entry setting up breakout failure reset right at its 50 MA.
Ride the 3rd of the 3rdChart is presenting a great Elliot Wave Structure. Theres a good short interest on the stock. Possible short squeeze.
Wave characteristics -
Wave 1 (Complete) - Very good looking wave without any overlaps. nice Fibonacci relationships within sub waves. 3rd was nearly 2x of wave 1. Wave 4 was .23 of wave 3. Wave 5 was almost perfect .382 of 1+3.
Wave 2 (Complete) - Spot on .618 of Wave 1
Wave 3 (Underway) - wave 1 looks almost complete. The slope is getting steeper. Its looking really good.
So plan is take an entry at wave 2 of the 3rd. I will wait for the price to drop sharply and break wave 4 for the entry. I have set up multiple alerts and would like to see how wave 2 of 3rd unfolds. Cut loss level is at invalidation level at bottom of Larger wave 2 ( the red line). Play it however you want through options or outright. 3rd of the 3rd is always a great option play because its very fast and explosive minimising risk of Theta Burn.
Appreciate comments and feedback.
This is not financial advice. I am just a degenerate Gambler so please wish me luck.
FOXF a very technical stockFOXF stock has been trading with very consistent and now well tested support and resistance lines. See chart for details.
FOXF Key LevelsSee chart for some key levels:
Support at 46
Support at 70
Resistance at 113
High at 190
FOXF compressed, ready for reboundFOXF can be considered a COVID stock. They sell suspensions for mountain bikes and off-road vehicles. As with many other COVID stocks, FOXF is down ~50% from its high just a few months ago.
When looked at with weekly candles since 2016 (7+ years!), we can draw 3 roughly parallel lines reflective of support for multiple years. We are just about to hitting the middle one at the $100 mark. This mark has broken these past few weeks but still holds great value:
1) as a psychological value. Everyone likes stocks to be above $100, so it's a natural buy/sell point
2) it corresponds to the 0.618 Fib almost perfectly from the COVID low to the post-COVID high
3) it intersects the middle support-trend line that has been in place since late 2018 (with the exception of the COVID downtrend
Furthermore, when we look at technical indicators on the weekly:
a) RSI <30 = Oversold
b) MACD is negative and at an all-time-low.
c) STOCH is <10 = Oversold.
Each of these indicators say it's oversold. To me, that reads BUY BUY BUY! Assuming of course fundamentals are still good:
- PS = 3.25 = in-line with 2018/2020 pre-COVID
- PE = 26 = in-line with pre-COVID values since 2015
- Revenue increasing
- Net Income increasing
Price Targets:
~120 operated as a triple bottom (recently as a quadruple bottom at the end of Jan 2022)
~140 operated as resistance/support since COVID
~166 was a flat top wedge that broke bullish since COVID
~190 all-time-high
Flat top breakout by EOYFOXF has been trading horizontally for a few months forming a flat top wedge (bullish) pattern. I expect this may continue until next earnings (Nov 2) wherein the wedge may break bullish. I'll be watching the pattern until then.
As well, many technical indicators are showing weakness from the horizontal trading, and I consider the stock now at a buy point (particularly because of such rapid revenue growth).
$FOXF Inverse (Continuation) Head and Shoulders Setup$FOXF is now morphing into a more defined inverse head and shoulders continuation setup. Earnings in 2 days. Seems like all nice looking setups have had earnings just a day or 2 out making them hard buys (or gamble buys).
$FOXF Cup with Handle Setup$FOXF cup w/ handle looking good. Green on all IBD rating metrics. The only knock off against it multiple higher than average selling days. OBV reflecting that by sloping down. Vol drying up at the handle is a very positive sign.
Sharing my thought process!
Going long1. Above 9 MA 2. Stochastic buy signal 3. Optimistic RSI 4. MACD turning bullish 5.I believe goal of $200
Bearish continuationWill most likely have a few more bottom breakouts over the next 9 days before falling on a new resistance.
There should be a decent amount of upper resistance hovering as this happens.
Can you possibly turn your sports hobby into your investment ?I recently watched a video on that more and more people are ditching their cars and switching to
cycling to work and for weekend rides. Mind you, these are not your usual road bikes but premium ones that costs 5 figures and many are customised to fit to the owners!
It is also popular in India and I think the trend will gets stronger over time!
From the chart of one of the bike manufacturer, I think there is potential upside. Perhaps, a good way to improve our immunity system is through exercise and not let virus affects us easily. So, I think virus or not, this group of cycling enthusiasts are not going to rest on their laurels but continue their cycling journey...
fox factory longshort lines indicate possible sl, stop buy and tp. A limit buy at the long horizontal red line might also be possible.
FOX FACTORY HOLDING CORPFox Factory Holding Corp. designs, engineers, manufactures, and markets ride dynamics products worldwide. The company offers front fork and rear suspension products for mountain bikes, road bikes, and e-bikes; and powered vehicle products for side-by-side vehicles, on-road vehicles with off-road capabilities, off-road vehicles and trucks, all-terrain vehicles, snowmobiles, specialty vehicles and applications, motorcycles, and commercial trucks. It also provides mountain and road bike wheels, and other performance cycling components, including cranks, chain rings, pedals, bars, stems, and seat posts, as well as sells aftermarket products to retailers and distributors. Fox Factory Holding Corp. was incorporated in 2007 and is headquartered in Braselton, Georgia.
Some upside possible for FOXF We have observed some strong selling for FOXF over the past month and seen several supports break down. However, we are seeing some buyers coming back to defend the 67.50 support again and it is possible to see further buying with more short covering and traders getting long. Possible target will be 72 where selling might come back again...
FOXF breaking higher, longs at weekly demand and monthly demand FOXF breaking higher, longs at weekly demand and monthly demand zones around 33 and 27.50 price areas. Clear bullish bias with new demand imbalances and levels being created.
