Overvalued Pork Pie

This can go either way. My overall market sentiment is bearish, which is why I am short. However, if somehow this is an extension of a new wave forming this looks like it has room to run and break upper channel.

Update soon to come.

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Downward reddish candle cannon looking realll bearish.

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Ok

Here is the deal - August Straddle

Estimated earnings date Aug 2nd.

Bullish PT: $504
Bearish PT: $455

Bullish Positioning:

A few days before earnings, based on the location of the channel on the Gan Fan, the price should touch the yellow line ($504). You can also see that this is also the intersection between the price of $504 and the upper portion of the green candle on 02/12/2021 (new paradigm).

Earnings which would either dictate if it gets rejected or breaks through higher. As well as the overall broad market quality at that point in time.

Bearish Positioning:

If the trend continues downward, it should retest the lower channel and try and break below the lime green channel. Also, shown is that a few days before earnings, the stock would retest $450-$455. This also is where the bottom of the lower green candle on 02/12/2021 intersects the lower lime green channel.

I wish everyone luck!

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Huge red candle - I think it should drop sharply very soon

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