Jerkin' it with Gherkinit S1 E9 Live Charting and Some Notes on Short Pressure for 5/19/21
Good Wednesday Fellow Apes!
I'm getting my crayons sharpened as we speak, in preparation for what I think will be a rather interesting day for GME and the rest of the market as well. OI on the options chain has really started picking up as we move into the second half of the week I hope to get an early push for 190 to start off the day.
I think this warning remains valid this week so I will reiterate it *
As price action picks up today, I may walk away from the reddit post while managing positions, if this is the case you can find me on the stream and discord for a while longer at the links below.
If you want to watch along with the daily livestream https://www.youtube.com/c/PickleFinancial
Or listen along with our live audio feed on Discord
(save these links in case reddit goes down)
Historical Resistance/Support:
116.5, 125.5, 132.5, 141, 145, 147.5, 150, 152.5, 157, 158.5, 162.5, 163, 165.5, 172, 174, 176.5, 179, 180.5, 182, 183.5, 184.5, 186, 187.5, 190.5, 192, 195, 196.5, 197.5, 200, 209, 211.5, 214.5, 218, 226, 230, 234, 243, 250, 253, 256
This Post will read from top to bottom, any images over 20 will be deleted as the day progresses.
After Market Wrap up
Lot of sideways with weird price action looks like those 400k shares were used effectively with overall market downturns to keep us 6.5% down today. The S&P looks super unstable right now and the action with crypto tanking today has probably put GME on the back burner. I am gonna be watching after hours closely over the next couple days as too many things are going wrong all over the place something big is gonna happen soon. Bonds, crypto, indices are all behaving strangely . See you tomorrow for more crayons and rockets.
- Gherkinit
Edit 10 3:59
Can we close at 169.69
Edit 9 3:20
Sitting on 165 now volume isn't as bad as the last couple weeks but buy/sell seem pretty even
Edit 8 2:31
Finally a decent bounce. We are still trending with the market because of low volume. We may see an uptick in power hour.
Edit 7 1:43
If we drop below 165 resistance we could see a good dip buy opportunity
Edit 6 1:11
.....zzzzz.....So much going on with crypto and the market today GME is feeling a bit ignored
Edit 5 11:53
Sitting on resistance at 170 volume is ok but we aren't really breaking up or down for now I expect if we move it will be later around 1-2
Edit 4 10:32
Watching this test of 170 we could continue to drop
Edit 3 10:10
Decent dip if this blows through 170 market pressure is helping this downtrend
Edit 2 10:07
Bull sack (double bottom) forming
Edit 1 9:45
Nice pre-market bounce off $170 looks like we are gonna break up from VWAP after this consolidation and test 180 again
Pre-Market Analysis
Pre-Edit 2
About 500k shares borrowed. I think they aim to suppress the breakout of this bull flag.
Pre-Edit 1
We had a bit of a tumble off the 189 test yesterday currently trading at $175 but we could gap up and fill in the pre-market. I expect volume to be a bit higher today as we start to see GME in a positive news cycle.
BB KC and TTM sitting pretty. TTM now at 14 fire signals. This is just getting nuts.
BBKC and TTM on the 4hr Timescale
MACD is looking to expand more to the upside as we see the signal line diverge
Extra:
Just something I want to go over if you look back at my previous DD where I cover weakening short interest and how I thought that the end of that wedge signified their inability to keep the price down any longer. Well it looks like that theory has been playing out on the charts.
If we look at the 4h timescale we can see (red arrows) anytime more than 200k shares showed borrowed to short and the reduced affect those short shares are having on price since the breakout of the wedge.
Short Attacks (Red Arrows), Wedge and Bull Flag Breakouts (Green), Bull Flags (Orange)
Since the short pressure is so low, I think we are going to see the stock continuously throw out these bullish signals until it actually takes off with 14k calls in the money at $200 we could see a gamma ramp up into margin call territory.
*This is not Financial advice. The ideas and opinions expressed here are for educational and entertainment purposes only.
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Posted May 19, 2021, 12:35 PM UTC · edited