Buying on negative sentiment - bounce play
I just bought some ORG, looking for a range bound trade on negative sentiment.
If we look at the weekly, $4 looks to have a lot of price memory all the way back to 2016 - a good sign that buyers will step in and see it as an opportunity / bottom.
There is def. some risk / concern around trying to catch a falling knife, and it having another leg down but like the setup as the RSI plummets and volume is declining - a nice sign for an overreaction.
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This is not financial advice, I am not a financial adviser.
Trade at your own risk.
- RSI at 25
- Target sell price at 20% or 70 RSI
- Triple bottom
- Stop loss - manual - should be 8% but there could still be divergence that extends past that. If it did diverge I wouldn't sell but look to add more
If we look at the weekly, $4 looks to have a lot of price memory all the way back to 2016 - a good sign that buyers will step in and see it as an opportunity / bottom.
There is def. some risk / concern around trying to catch a falling knife, and it having another leg down but like the setup as the RSI plummets and volume is declining - a nice sign for an overreaction.
************************
This is not financial advice, I am not a financial adviser.
Trade at your own risk.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.