RBLX Major Trend Test - Top 5 Weekly Trade Ideas #4
RBLX has been extremely weak since 2022, but has been consolidating in a tight range since. This looks like a text book longer term bear flag, but it just recently broke to the upside and closed above. I don't think that's enough for a confirmed breakout yet, but if it does break it should be a huge move.
If this ends up being a fake out and it falls back into the bear flag, I'd expect it to come all the way back to the bottom end, and potentially go even lower if it can't hold. This is a 2 year pattern, so I'd buy lots of time. The move after it breaks should be huge, but it could take months or years to occur. It hasn't moved much at all since 2022, but I think that's about to change. A strong break in either direction will confirm that move.
If this ends up being a fake out and it falls back into the bear flag, I'd expect it to come all the way back to the bottom end, and potentially go even lower if it can't hold. This is a 2 year pattern, so I'd buy lots of time. The move after it breaks should be huge, but it could take months or years to occur. It hasn't moved much at all since 2022, but I think that's about to change. A strong break in either direction will confirm that move.
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Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes.
ko-fi.com/advancedplays/tiers
Short Thesis:
advancedplays.com/short-thesis.pdf
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes.
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