OLLI Long on horizontal support bounce
Weekly analysis:
- Multiple red weeks in a row with volume spike towards near the support. Stock has a high probability of getting tired now.
- Good upside, not much resistance due to the red weeks in a row
Daily analysis:
- Double hammer with x2 and 1.5x volume spike near support
Intraday analysis:
- A higher low near support zone
- Huge volume spike with big green candle towards the end of the day on 16th Jan
- Multiple red weeks in a row with volume spike towards near the support. Stock has a high probability of getting tired now.
- Good upside, not much resistance due to the red weeks in a row
Daily analysis:
- Double hammer with x2 and 1.5x volume spike near support
Intraday analysis:
- A higher low near support zone
- Huge volume spike with big green candle towards the end of the day on 16th Jan
- Price has to cut through the current resistance and SMA 200 resistance to reach the profit target.
- Hammer location wasn't really above the resistance, it was borderline touching the resistance or slightly below resistance
- Hammer volume is double of the previous bullish volume but the previous bulliish volume that was used to compare was very tiny. Double of tiny is still tiny.
After taking these points into consideration. This trade is not a good trade