BYON trade ideas
OSTK- Bull momentum over?The way this is playing out it appears OSTK could be approaching a severe downward trend in the next week.
Opening bell on Monday 8-3-2020 could be a surprise to long term holders. If we do see further upside it will not be for much longer...but I think this may have sung its last song.
Buy OSTK once it starts trading above 48.5OSTK has crucial resistance at 48.50. Once stock starts closing above this level then high probability of going towards 65 and 82. Currently stock is overbought state.
Picking the top or being humbledOverstock has definetly gone parabolic, 2500% in 5 months.
- Double Top
- RSI massively oversold and in line with previous parabola (though slightly early)
- Massive weekly panic buying candle
Perhaps the more disciplined play would be to wait for bearish RSI Divergence (yellow lines) but it feels like when this goes it will be fast.
Overstock - History will repeat PT: $30The Monthly - Weekly indicators telling that Overstock is overbought.
We think that a pullback to at least $40 will happen.
First PT: $50.
Second PT: $30.
$OSTK Earnings tomorrow. What a run so far!Let's see what TZero and the old internet retail business do next!
$OSTK:NASDAQ - OVERSTOCK COM - Big run. Pulled back.Overstock could be interesting to watch over the next couple of days. Down around 20% from its recent highs but up a crazy 1500% since early to mid March. I'd be interested if it made it back up above $45 to see if it will continue its run. Needs a pretty wide trail.
Possibly a Parabolic ArcTrend lines point to the dreaded ARC
Just y opinion and we all have one (o:u
OSTK cup and handle Triple cup and handles are way better than a double rainbow. OSTK made and broke out of 2 cup and handles already. Just retraced to make a third on a long time frame. OSTK price target $85
$OSTK in a higher degree Correction completing Wave A of C
Given that Wave A & C are usually equidistance a 50% correction would be the midpoint at 42.84. At this point it is unknown whether Wave A of C is complete.
Disclaimer: I have been trading in the markets for about a year. After several months of charting various instruments, my eyes have gotten trained to recognize different candle formation patterns like Bear & Bull Flags, Head & Shoulders, and others. This was good. But, not enough for me to accurately forecast the next following moves and market structure after these patterns had been completed.
For me my next evolution as a Trader came with a more fine-tuned approach to Market Structure, The Elliott Wave Theory. There are two books that were recommended to me as I started this journey.
1. Elliott Wave Principle: Key to Market Behavior by Robert Prechter and A. J. Frost, www.elliottwave.com
2. Visual Guide to Elliott Wave Trading by Wayne Gorman and Jeffrey Kennedy, www.elliottwave.com
I am still learning. I accept the fact that my analysis may be wrong. But, these are my charts as I continue my journey. I am open to all feedback on my analysis as I continue to improve.
$OSTK - super booolish$OSTK
Fib LVLs:
Retracement back to the .618 fib @ $25.18.
From here we expect the ABCD pattern to continue.
Cant tell you where and when to buy. But should be a good gauge.
Place your stops accordingly.
OSTK 3rd Day Run-upOSTK closed its 2nd green day at a high of 95% of its days range. Typically showing high strength for a 3rd day move. I can see this easily reaching $30 where it will meet resistance.
$OSTK - Strong waves up, weak(er) waves down.$OSTK - Strong waves up (GREEN), weak(er) waves down (YELLOW). Represents solid buying with (expected) intermittent profit taking on the way up. "Angle of Ascent" on this latest Wave is pretty steep again, much like it was in Wave 3. Momentum indicators remain strong even during the times of retracements in the overall trend. 50MA still angling solidly up. Always trade in the dominant direction of the market! Follow @MarketTrendAdv on Twitter for additional trend trading ideas. Starting to now post to TradingView also. Feel free backcheck previous Twitter calls dating back to the beginning of 2020. Best of Luck in your trading...
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What I see..
+ Volume contracts througout the week until Friday
+ Very high vol. on Friday
+ RSI is pointing north
- MACD is falt
- upper shadow
- 10ma is barely touching the bottom of Friday's bar
What I setup...
+ Long entry above today's high
- Stop at today's low
+ Target at 39
:: Duration - 4 to 6 sessions
$OSTK Holding $20 Support$OSTK Holding $20 Support - Playing for a near term bounce.
Target - $25.00
