Possible move: 15-108%
Reward/Risk: 1.5 12.5(R/R>3 is Ideal)
Time frame: 1-12 wks
Entry after break upward is safer
This is just my technical view, not a fundamental comment..!
I can make you confused you by a crowded messy chart, but I would rather simple effective presentations..!
$VRM breaking it's downtrend. It went all-time low and then bounced back from there with high volume, it clearly shows some buying interest at this level. Going Long here.
#CAR #CVNA Possible breakout triangle with bullish divergences forming, 4hrs momentum squeeze release that can lead to multi weeks bull run. See chart. Used car online retailers sales have greatly increased during the 2020. This may run up until earnings scheduled for 12th November. They also rolled their international platform for other...
Covid lockdown play / online used auto dealer
Beatdown / correction
Earnings report 11/11; look for confirmation on earnings surprise
Channel support bounce
Dec. call options
After reaching an ATH just above 75, the price has since fallen back and consolidated after failing to reclaim the upward trend line. Long entry above 51.49 is a confluence above the.236 fib as well as the VPOC, more conservative entry is at reclaim of the trend line. This may also have a possible earnings run-up approaching late November.
This is not a recommendation and is practice for me. Looks like a downward wedge has formed in the past month. Price is trading within the wedge formation. I anticipate a breakout of this trend by next week and see a price target of $54-$56. Uptrend going into earnings should start at least 1 month out from 11/12. Like this and comment if you agree or see anything...
Descending Channel
TP 1 = 54.25
TP 2 = 59.39
TP 3 = 72.51 - 75.35 extended target
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Vroom fell back on market weakness but is very oversold on the SlowStoch. Fib levels provided which have acted as support throughout its short trading history. While the fib marker in purple may provide strong entry, seeing this re-enter and base in the broadening formation would confirm h higher highs (or at least higher lows) are in store.
