Textbook Head and Shoulders and bearish momentum on the daily stochastic. Short down to the YTD Anchored VWAP in purple. Looks good for a trade or a good entry for a long term fundamental short. Obviously there's no value up here.
I am shorting WING via Put Options expiring in July 2024.
Here is why:
- Overbought chart with RSI bearish divergence on the daily
- Retail activity increased more than 100% compared to D-7, D-14 and D-28 === FOMO
- Price closed green for the day, 7 days in a row
- On the 21st of Feb, the company released very good earnings but the price dropped -4.36% despite...
📶 S T A T I S T I C A L A N A L Y S I S
Current 50-Day Market Trend: long/buyers/positive.
Next Swing: positive swing to resistance.
Next Wave: buy wave to the deviation.
Next 50-Day Market Trend: long/buyers/positive.
Trade Type: Touch & Go don't wait for a close.
💵 E A R N I N G S A T A G L A N C E
Market Capitalization: 5.376B
Release Date:...
VCP: 10w 19/4 3c
+ higher lows (but not ascending triangle).
+ Proportional
+ tight consolidation above 21d ema
- below 50dsma
- downward trending RS line below MA
Trade Plan:
Entry: DTL Breakout, starting position.
Risk: ~3%, with stop below $191.88
Add on breakout of current consolidation over 197.81, which is above the 50dsma and can be financed by...
NASDAQ:WING back down to previous base breakout support and on its weeks 6 of potential base building.
Tight range action, if we hold here, could potentially round up the bottom of this base building phase.
Buy point is/was when price moved above yesterday's high around 206. I'm using 202.8 (today's current low) as my Stop.
FIY I'm already long this name since beginning of April, so, I'm just adding to my current position.
wing what a day so far.. I sold the last of my shares yesterday ahead of Earnings... wasn't a big enough cushion.. bought a little back this morning as it seemed to hold... small
$WING pullback to $175 area potentially bring in buyers.
Area to watch for pullback buy setup.
Strong acting stock printing 12 month RS new high before price.
$WING back on the secondary watchlist for potential pullback buy setup.
5 days up into its 50 MA reclaiming earning gap up support.
Friday pullback testing that area.
Maybe prepare for landing?
The Company and its stock price have performed well throughout the pandemic due in large part to early investments in digital and a model conveniently built around takeout and delivery versus dine-in.
2023 may prove to be a challenge.
There are a lot of buyers in Wing which can mean a lot of sellers when the tables turn.
Can be...
$WING with a pullback setup of its 50 MA heading into next week.
Best case scenario this stays tight until FOMC is out of the way and comes out strong with favorable market reaction.
Build that list, and don't FOMO.
WING broke out of its most recent base with a strong earnings gap. After consolidating recent gains, it came down and touched the 21 ema and now has the potential for a low-risk kicker pattern entry on Monday if it gaps above Fridays open of $156.81. Kicker indicator -
These 3 stocks look like leaders, and all are making the same patter.
The play is simple, wait for a throwback from the gap and then buy the close above the high.
The thing is that as they are all real moovers, I'd try staggering stops. Is the best way I know to manage risk in stocks with hihg volatility.
NASDAQ:WING is the first to breakout but with a doji...
