Market seems to experience some technical rebound this week. Is this a trend reversal or just some dead cat rebound, it's hard to conclude at this moment, so do trade with cautious.
Usually the meme stocks tend to rally crazily once the market sentiment turns positive. However, never hold long and remember to take profit once you hits your targeted profit. Let's look into the trend of several memes.
FFIE daily chart
The prediction earlier last week was correct, with strong two big green candles of rebound but the stock end flat at the end of week after a crash on last Wednesday. Anyway, it's still a very risky trade of this company. From technical point of view, the blue support level near 1 dollar seem to be a strong support. With current price, the risk reward ratio seem to be attractive, therefore a $Faraday Future Intelligent Electric Inc.(FFIE)$
RBLX daily chart
Roblox continues to rally when I am writing this article, from 4% to 8% now. Technical wise, the stock is forming an obvious uptrend with a higher low formed. In addition, Roblox expansion into the PlayStation consoles not only broadens the platforms potential user base, it also opens new revenue streams, fortifying its market position. Thus, I am $Roblox Corporation(RBLX)$
SE daily chart
For Sea Limited, the stock is challenging the gap down resistance now. A second higher low is formed in the chart and the stock is ready for another rally, estimated to be around 20% from current position, $Sea Ltd(SE)$
AMC
A real meme to end the topic today. The stock is hovering around the blue line support for around two weeks and now it seems like it's ready for another rally. I am bullish for $AMC Entertainment(AMC)$
How do you think of memes?
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