GNOG is an online gambling platform that may benefit from Biden's administration (more here: on.mktw.net/38KduKO). It is trading close to the long term trendline at a 25% "discount" from ATH. You can start a position at this level with minimal risk since you can exit if the price closes below the trendline or price support (white line) with strong volume + other indicators if they are bearish. At the moment the indicators on the chart are not helping much to establish a clear direction so we need to rely on the fact that the price reacted to the zone close to the trendline and 50-ema. Also, the $18.8 level seems to be strong resistance so we have that extra level in case we fall below the trendline. I started a medium size position here and will continue scaling in for the long term.
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***The ideas shared here are my opinion, not financial advise to place trades. Please do your own research before buying/selling stocks***
Share the love:
If you get anything out of this TA, please like the chart so it moves up and others can benefit from my work. A simple click on the like button goes a long ways.
Follow for more:
I have an outstanding winning rate (check my other charts). If you want the best entry/exits just follow me, you won't regret. Thanks a lot!
***The ideas shared here are my opinion, not financial advise to place trades. Please do your own research before buying/selling stocks***
Comment:
Correction: I meant the $18.8 level seems to be strong support.
Comment:
Price respecting the trend line. That is what we like to see. I am accumulating every time it goes down to the trend line. If it breaks below it strong I will revisit my strategy:
