Daily Chart Setup
$FIVE - Five below
Current SP: $147
Previous Trade Update: Stock Price Affected by Mideast Conflict
A few weeks ago, we discussed a potential bearish (downward) trend for this stock if the price fell below $176.50. This prediction was based on our analysis.
Recently, news of a larger conflict between Iran and Israel emerged, causing the overall market to decline. This drop benefited the bearish play, potentially increasing profits by 16-18%!
Looking Ahead: Potential for Further Decline
If I were aiming for the maximum profit, I would consider trading this stock down to a major support level from September 2023, which is around $145. Here's the plan:
Price reaches $145 (support level): If the stock price holds steady at $145, I would exit all short positions (selling the stock with the expectation it will decline).
Price rebounds above $145: If the price rises above $145, I might consider re-entering a short position if the trend suggests another decline back to the $150-$160 range in the short term.
Remember: This is just a possible scenario based on past data. The actual future price movement is uncertain.
For transparency: Below is the previous analysis of Five Belowโs stock. ๐๐ผ
$NKE - Nike Footwear
Chart: Weekly Timeframe
Current SP: $94.66
Nike Stock Update
There was a recent price drop for Nike's stock following their earnings report. Now, the stock price is revisiting a previously important low point. The last time we looked at Nike, we thought the price might fall below $92. That happened, and it even reached our target price of $88, which was a level of support seen earlier.
Since then, the price held steady at $88 and has even started to rise. This could be a good sign for investors. Here's what to watch for next:
Target price: If the uptrend continues, the price could reach $99-$100.
Support level: If the price weakens and falls back below $92, it might indicate a potential drop back down to $88.
For transparency: This is an update on the previous analysis of Nike's stock.๐๐ผ
$CXM - Sprinklr
Chart: Daily Timeframe
Current SP: $11.44
A while back, we discussed two potential directions for Sprinklr's stock price. There was a key level that could signal a rebound or a further decline. Unfortunately, the stock price fell below that level and is now nearing support from earlier this year, around $11.40.
Here's what to watch for:
If the price holds at $11.40 or above: This could be a good sign for investors hoping for an increase (bulls).
If the price falls below $11.40: The stock could continue to decline, potentially reaching $11, a level seen during a previous earnings report.
The key takeaway? Be patient. Right now, waiting for a clearer signal might be the best course of action.
Last updated play for $CXM below ๐๐ผ