WKEY - So hot right now.
LONG TERM
I'm long on
WKEY
, and because they went public just before the covid crash it's hard to identify long-term trends, but after this past month I think we're in a bullish channel from April 2020 to now. January spiked from 6 to 12, and then it recovered higher/ March saw a wild 3-week spike from 8.25 to over 20. This both broke through major highs and tested pre-crash highs. This spike (look at the volume!) just recovered to a support price level higher than the January resistance. Of course this could go parabolic because everything can right now, but I think this is the start of a head and shoulders pattern. If so, the retrace levels are $12-$16, depending on how you retrace. 50-100% returns. TLDR long term trend is bullish and we're in the low end, that could spike from 8 to 16 in the next three weeks.
MEDIUM TERM
Elliot wave is looking good. Just coming to the end of a full cycle from March 8th to May 11th. Only problem is that it's a low volume stock, so it's wildly impulsive when it moves up.
SHORT TERM
Ok, so short term, price can do anything. Low volume stock means craziness can happen. But if efferything is trying to be efficient, there are 2 major options; it can rebound and reverse, breaking the long term trend, or it can stay in the channel and continue. Those two options are shown here.
Notice the buying pressure volume spikes. Bullish swingers are watching this stock. If you get a chance watch the level 2 for a little bit. It's slow but most of the sellers are retail - lots of 187 or 500, while the buy side is full of 20,000 lot walls. Maybe they're short seller targets, but there are a few people with more money and patience than me who are buying big lots at 8.24. The red box is where the price would end up on a correction, and the thing I really like about incorporating gann into my fib retraces is that it gives you an approximate timeline. We're past the correction time, so either I'm wildly wrong and chart analysis is BS, or we get to strap in and ride some smart money coattails and reddit hype to 50%+ returns within the next month. The green box is that continuation, and it assumes that the next bounce up will be to between 9.25-9.96 within a day or two.
TLDR - Here's what I'm doing
Buy WKEY
Stop Loss $7
Target (this week) 9.25-9.96
Target (this month) spike to $12-$16
I'm long on
WKEY
, and because they went public just before the covid crash it's hard to identify long-term trends, but after this past month I think we're in a bullish channel from April 2020 to now. January spiked from 6 to 12, and then it recovered higher/ March saw a wild 3-week spike from 8.25 to over 20. This both broke through major highs and tested pre-crash highs. This spike (look at the volume!) just recovered to a support price level higher than the January resistance. Of course this could go parabolic because everything can right now, but I think this is the start of a head and shoulders pattern. If so, the retrace levels are $12-$16, depending on how you retrace. 50-100% returns. TLDR long term trend is bullish and we're in the low end, that could spike from 8 to 16 in the next three weeks. MEDIUM TERM
Elliot wave is looking good. Just coming to the end of a full cycle from March 8th to May 11th. Only problem is that it's a low volume stock, so it's wildly impulsive when it moves up.
Ok, so short term, price can do anything. Low volume stock means craziness can happen. But if efferything is trying to be efficient, there are 2 major options; it can rebound and reverse, breaking the long term trend, or it can stay in the channel and continue. Those two options are shown here.
TLDR - Here's what I'm doing
Buy WKEY
Stop Loss $7
Target (this week) 9.25-9.96
Target (this month) spike to $12-$16