Let's take a look at the 30 minute chart of GME, since this is a volatile and fast moving stock of late.
While many of the redditors are putting in more money, only to see the price go down in large percentages, they need to be looking at the charts and past patterns, with volume and RSI, instead of being in a tunnel of the WSB sub and only following the cries of "hold" "diamond hands" rhetoric. Also assuming that they know what the institutional investors are doing is also nonsense, in my opinion; these are very biased, self serving, and in the end, delusional to the point where their money is being put not because of any fact, but wishes and hopes to the upside.
if you look at the arrow marked spots on this chart back in the middle of January, you see three things in common: consolidation, rise in volume, and the rise in RSI. These eventually serve as entry points to the stock and you can see the breakout short time thereafter.
What we don't see right now is these three things. Volume isn't rising, even if it's higher than average; there is no consolidation; there is no rise in RSI. To keep buying at this point is a futile exercise, only to spend your cash at a price where it's doomed to go lower, at best sideways.
Look for these three factors before considering putting money in and catching the next rise higher; even then there are no guarantees. Set your limits and stops to protect yourself on this one. Good luck.
While many of the redditors are putting in more money, only to see the price go down in large percentages, they need to be looking at the charts and past patterns, with volume and RSI, instead of being in a tunnel of the WSB sub and only following the cries of "hold" "diamond hands" rhetoric. Also assuming that they know what the institutional investors are doing is also nonsense, in my opinion; these are very biased, self serving, and in the end, delusional to the point where their money is being put not because of any fact, but wishes and hopes to the upside.
if you look at the arrow marked spots on this chart back in the middle of January, you see three things in common: consolidation, rise in volume, and the rise in RSI. These eventually serve as entry points to the stock and you can see the breakout short time thereafter.
What we don't see right now is these three things. Volume isn't rising, even if it's higher than average; there is no consolidation; there is no rise in RSI. To keep buying at this point is a futile exercise, only to spend your cash at a price where it's doomed to go lower, at best sideways.
Look for these three factors before considering putting money in and catching the next rise higher; even then there are no guarantees. Set your limits and stops to protect yourself on this one. Good luck.