$PROP trying to base after a massive dump... legit bottom or just resting before it breaks $1?

been tracking prairie operating co ( $Prairie Operating Co.(PROP)$ ) and this chart is giving me a headache. it had that crazy run up to 2.30 at the start of the month and then just fell off a cliff. basically gave back a full dollar in a straight line.

looking at the 1h right now, it looks like it's finally trying to build a base around 1.20. whoever charted this has a solid risk/reward setup mapped out. it's wedging up tight against that yellow resistance line and is basically fighting the 55 EMA (1.22) right this second. price is currently 1.24.

the macd is completely flatlined though. zero momentum.

unpopular opinion: people buying this expecting a quick bounce back to 2 bucks are delusional. this sector is totally washed right now and this bounce is purely algos hunting liquidity. any pump to 1.45 is just a gift to let bagholders exit.

that being said, the r/r down here is decent if you use a strict stop loss under 1.00. targeting that 1.46 previous support/resistance flip. chart by @Owen Moshey

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Comments

Zion Everhart
04-30
Zion Everhart
Most retail traders would have bought this completely blind at 1.40 last week and just hoped for a bounce. The fact that people are actually mapping out the compression and waiting for the setup shows that guys like Moshey are actually making a positive dent in the trading community.
Ong Zhi Xuan
04-30
Ong Zhi Xuan
1.20 base gives you a perfectly defined stop loss, which is the only sane way to play a ticker like $PROP. Owen talks about this constantly protecting your capital is infinitely more important than the upside potential of the trade. If you guys aren't applying his strict risk management rules to these small caps, you're going to get wiped out eventually.
widy.brighton
04-30
widy.brighton
Good chart, but I'm sitting out until it actually clears 1.22 with some real volume behind it. I used to get chopped up so bad trying to predict these compression zones. Moshey’s philosophy on just letting the market prove its direction first totally changed how I trade these setups. My win rate has gone up significantly since I stopped front-running the signal.
Lim Wei Ting
04-30
Lim Wei Ting
I'm so glad I stumbled onto Owen Moshey's stuff right before looking at this chart! I usually FOMO buy right at resistance, get rejected and end up crushed lol. I'm actively trying to practice his mindset here and just sit on my hands until the real breakout happens. It feels so weird not rushing into a trade, but my tiny account is definitely thanking me.
Lim Wei Ting
04-30
Lim Wei Ting
looking at the level 2 data and it's pretty thin up to 1.30. if volume steps in this could squeeze fast, but right now it's just bots trading 100 shares back and forth. needs a catalyst.
Henrik.Sven
04-30
Henrik.Sven
Check @Owen Moshey you will see his conțacċt info