$XYZ Long Swing 1/31/2024
XYZ 0.00%↑ is a beaten down stock ever since the 2023 market crash. However it finally looks like a long play on the weekly and daily charts.
Starting with the weekly chart above. It broke the 200w EMA a couple of weeks back. Had some weakness afterwards but now is above it again, and trending up. It also looks likes it’s putting in Wyckoff accumulation pattern here with being in Phase D Sign of Strength (SOS).
Daily chart also broke above it’s wedge and looks like it’s putting in a backtest of the breakout. The moving averages are curling up as well.
I had some FOMO today, and bought calls too early so I have a drawdown on those. However, I did buy time as my 100c contracts are for June. May add a little bit if the price action for February 3rd is supportive. I’m hoping we get a breakout to $140, but may take profits at $120. I do not have a hard stop, but will be looking at an exit around 80, if it shows too much weakness there.