$BB ideas for Monday

Disclaimer: I got out from $BB on Friday.

$BB dropped below $14.30 (50% Fib Retracement mark). This mark was tested and rejected multiple time from Thursday through Friday. However at around 2pm $BB dropped bellow. Bulls immoderately tried regaining this level but got rejected and we closed below. The next level is 61.8%, $13. Bulls must hold this one in my opinion. There's a big hole that is still unfilled when when $BB gapped up from June 1st to 2nd. If $BB goes below $13, then we might retest June 1st closing of $11.56 and 78.6% retracement mark of $11.


Volume on Friday also wasn't great. Comparing it to Thursday is a bit unfair since that was a record breaking day. That being said, Friday volume was a half of what it was on Wednesday. This was also $BBs first negative day of this run. Looking back to January, first negative day of that run also coincided with lower volume and that was basically the end of that run. Volume was keep decreasing since that day going forward.


On Monday:

  • If $BB opens above $14.30, it will most likely try and retest 50% retracement again. If we hold above, might be a good place to jump back in.

  • If $BB opens between $14.30 and $13, just wait and see, that's noman's land. If $BB starts to slide then I'm looking for a strong rejection at $13 before even thinking about jumping back in. If we go below $13, then there are good chances we'll retest $11.5 and $11 marks. If $BB starts the morning strong and goes up, watch what happens at $14.30. Going above and stabilizing there is a good sign.

  • And of course I'm looking for better volume than last Friday if there's to be continuation of this run.

submitted by /u/Orfez
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