$WOLF Consolidation Trade

3 Apr

WOLF Wolfspeed is coming off of a downtrend with clear lower highs and lows, and has been in a decent consolidation with clear supply and demand zones.

I used Heiken Ashi candles on the daily and 4 hour charts to determine the supply and demand zones.

Looking for a zone to zone trade. 4/3/24 saw a Wells Fargo downgrade due to its association with Tesla. Would like to see it come down to test lower demand zone, then bounce as it has done. R:R sets stop slightly below the lower low of the consolidation, with the target at the top of the consolidation.

Will be watching this one for a bit