Top 5 Weekly Trade Ideas #1 | RKT Bull Flag | Part 1

It's no secret that the fed is planning to cut rates this week, although unclear on how big of a cut. Either way. RKT is sensitive to interest rates and has seen some strong momentum as rate cut expectations have risen. I'd be careful trading around FOMC and this week may be prone to fakeouts. However, the chart is currently bullish in addition to the fundamental reasons above.

We have a nice bull flag here on 4hr, it closed near the top end last week. If we get a break to the upside, I'd enter calls targeting resistance from 2020 around 22.80. That area also lines up with the target projected using the length of the flag pole. In addition to this bull flag on the 4hr, we also have a shorter term one which I'll share in part 2 of this trade idea.