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Is a squeeze coming on MYMD soon? Let’s dig in. ⛏
In 360 Wall Street, we do a lot of momentum trading.
One of the big things we look for is positively stacked EMAs. (Exponential Moving Averages)
Momentum tends to play out over a few weeks to a few months. So one of my favorite time frames for seeing the true picture is the 90-day 195m chart.
Teachable moment. There’s 6 ½ hours in a trading day or 390 minutes. By using a 195-minute chart across any time frame we get 2 candles per day which gives us a better view as to what’s happening compared to the daily chart.
Back to the EMAs – (Exponential Moving Averages)
If we’re bullish on a stock, we want them positively stacked. We like to use the 8, 21, 34, 55, and 89 EMAs.
LEGEND:
- Blue = 8 EMA
- Green = 21 EMA
- Pink = 34 EMA
- White = 55 EMA
- Orange = 89 EMA
Every EMA is stacked positively (with the exception of the 8 EMA), indicating uptrend.
Now when you look at the squeeze indicator below, notice the rectangle where the momentum shifted from below the 0 line to above? Then the stock broke to the upside after about 10-days of consolidation?
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Now notice how the yellow bars are building toward the 0 line again? We think if MYMD can hold this $4 area, that 8 EMA will stack above the 21, giving us a royal flush of EMA stacking. If that happens the momentum (currently yellow bars) is likely to go into a squeeze before a possible breakout at $5.
If $5 resistance falls, the upside here is $6-$7 based on the chart.
In summary, bullish stocks tend to have positively stacked EMAs.
The 195-minute chart let’s look 👀 inside the day more closely.
MYMD not only has 4 of 5 positively stacked EMAs, the known catalysts here may drive the 8 back above the 21 and put this stock in a good position to consolidate below $5 and potentially breakout above $5 to $6.50-$7.
We’re watching this closely and think you might want to as well.
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