Trader Mike's Notes
I like the "Calm After Storm" plus "!,2,3 Pullback" combo on this stock. They have a secondary stock offering coming though so we've got to see how the market handles those additional shares.
I have mixed feeling about this chart. In the shorter term, I like the pullback to the 50 DMA and its oversold stochastic reading. However, I don't like the overhead resistance the longer term chart reveals. It's under its 200-day moving average (around 72 at the moment) and it's got that huge gap down in early June. So there are trapped longs looking to sell when they reach break-even again. If I were to trade this, I'd take a shot here with a tight stop and the 200 DMA as my initial target.
It's been quite the ride in FNKO of late. This September slide has brought it all the way back under its 50-day moving average (by a hair). There's also a bit of support around $20 from mid-August. It's stochastic reading hit oversold today, so it's primed for a bounce here. It'll be interesting to see if this can catch a bid and get back above its 50 DMA.
This is why I love the stock market -- undiscovered (only to me apparently) gems. I don't think I'd ever heard of this stock (I need to run the Percentage Change over 30 & 90 days scan more frequently). I just checked SwingTradeBot's "Most Tracked" stocks page for the first time in a long while and saw this on the list. This stock is up around 1,800% YTD. It's now got one more person tracking it.
I have to admit that my personal bias against their technology has (foolishly!) kept me on the sidelines (at least I wasn't short). The tech and investing world clearly is of a different opinion as evidenced by its great rally since IPOing last year.. Time for me to just act based on the chart and put my bias aside.
Recent Comments
- TraderMike on IZM
- TraderMike on Today's Outage
- Crunching_The_Market on Today's Outage
- TraderMike on Market Recap for Friday, March 8, 2024
- Don_Marat on Market Recap for Friday, March 8, 2024
From the Blog
Featured Articles