PRPL potential breakout
Updated
PRPL
Breakout - Above 32.80/ 33 (Buy)
Support - 32/ 32.50 (Cut Loss)
Targets - 33.50/ 35/ Above 36 (Trim or Sell)
Analysis - The inverted head and shoulders pattern indicates a movement towards a bullish trend(Top Yellow). Following that it has formed a bullish wedge if you look at the past 3 months(Yellow). It is forming a symmetrical triangle(Pink) over the past 2 weeks off of the IHNS and Bullish wedge. I believe we will see a breakout at 32.80/33. The MCAD also is buy. All moving average technicals are BUY and the RSI is good. I believe an option for 35 strike with an expiry at 1/15th is good. I need to learn to interpret the theta to figure out the better choice. I think we will see a slight pullback before the breakout
Breakout - Above 32.80/ 33 (Buy)
Support - 32/ 32.50 (Cut Loss)
Targets - 33.50/ 35/ Above 36 (Trim or Sell)
Analysis - The inverted head and shoulders pattern indicates a movement towards a bullish trend(Top Yellow). Following that it has formed a bullish wedge if you look at the past 3 months(Yellow). It is forming a symmetrical triangle(Pink) over the past 2 weeks off of the IHNS and Bullish wedge. I believe we will see a breakout at 32.80/33. The MCAD also is buy. All moving average technicals are BUY and the RSI is good. I believe an option for 35 strike with an expiry at 1/15th is good. I need to learn to interpret the theta to figure out the better choice. I think we will see a slight pullback before the breakout
Note
opcalc.com/k5H
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I'm a full time student and this is a hobby.
(Its free to DM me a question lol)
discord.gg/luckycat
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