RBLX - Great Price Action with Breakaway Gap
RBLX was meandering sideways for 5 months before it staged a strong Gap to "all-time high", breaking previous high water mark @ 105. It then dipped briefly for the next 2 days, retacing 50% of its strong move up (AB).
The gap was partially filled before it quickly staged a strong rebound last Friday.
This chart has the hall marks of the start of bigger trend:
1. Strong breakaway gap out of a consolidation period and into All-time-high
2. Great volume since the breakup
It is likely that the near support is now at ~100, though conservative traders would put the initial stop loss just below it's recent pivot low @ 93.
Trail profits up for a bigger move or consider to scale out partially along the 1.618 and 2.00 fib extensions of CD swing up (~ 125 and 138 respectively) to protect profits.
Let's see if this trade works out!
Disclaimer: TA is about improving our odds of a successful trade (not a guarantee). This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade
The gap was partially filled before it quickly staged a strong rebound last Friday.
This chart has the hall marks of the start of bigger trend:
1. Strong breakaway gap out of a consolidation period and into All-time-high
2. Great volume since the breakup
It is likely that the near support is now at ~100, though conservative traders would put the initial stop loss just below it's recent pivot low @ 93.
Trail profits up for a bigger move or consider to scale out partially along the 1.618 and 2.00 fib extensions of CD swing up (~ 125 and 138 respectively) to protect profits.
Let's see if this trade works out!
Disclaimer: TA is about improving our odds of a successful trade (not a guarantee). This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade
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