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.
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