$OPEN false breakdown, time to long?

13 באפר׳ 2021

Opendoor Technologies Inc, one of ARKW's holding, had a false breakdown yesterday(4/12) and it seems to be wanting to retest some resistances.

Pros:
- RSI Bullish divergence on the 4hr chart.
- Seems to have found support with 5 EMA
- Price is close to the bottom of the BB, making it a good R/R trade

Cons:
- Volume has been decreasing, 4/12 breakout had a massive volume compared to the average. (Could be a false breakout to trigger stop-losses which are likely set on (3/31) low
- The stock follows ARK's trend, if ARK's ETFs underperform, it is unlikely that OPEN will do well.

Critical levels:
Supports: 19 / 20.33 (5EMA)
Resistances: 21 / 22.95 (20MA) / 26.34 (50 EMA)

My position: Entry 21.02 / PT 28.5 / SL 19. Return so far -6.38%

14 באפר׳ 2021

הערה

Tech sector shows weakness and its due for a short term retracement of 1-3%. If OPEN closes above 20 it's still bullish. 4/14

15 באפר׳ 2021

הערה

OPEN not looking strong, a descending triangle is forming, if broken below we could easily see the previous low at 17.

16 באפר׳ 2021

העסקה בוטלה באופן ידני

Stopped out at 19. This trade is closed. 9% loss.