Trader Mike's Notes
This has now filled its post-earnings gap and I'm on watch for a reversal. September had a resistance zone from about 230 - 238 and that *should* be able to now turn into support.
I thought this IPO would have done much better had it not came public in the middle of the worst market in 10 years. It reports earnings tomorrow and I can't wait to see how it reacts. I think the IBD crew will be all over this "IPO base" if it can make a new high.
This stock pops up on my radar a lot. I've traded it 3 times over the years, with 2 winners and 1 loser. That's not surprising to me looking back at the chart -- it just doesn't trend very well. There are a few huge gaps followed by weeks of sideways trading or slow drips back to fill the gap. I've decided this is one I just won't trade. Too bad I didn't buy it in my long term account when I first traded it at 26 in June of 2016. Oh well.
Some wild action in this after falling on earnings and then rallying on the release of its Fortnite killer/competitor. It appears to be trying to bounce off its 20 DMA & I'm looking for some follow-through, like a close above Friday's (Feb 22nd) high.
A nice set of signals on this today -- Bollinger Band Squeeze + Upper Band Touch, Expansion Breakout and a Pocket Pivot. Looks like it's ready to complete the cycle of range expansion to contraction back to expansion.
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