$SMCI
Added 2024-11-05 12:41:52 +0000 UTCIs holding on the bottom trend line in this descending wedge right now and just above the blue support line, take from 2023....as we lead into earnings after the close today.
A lot of questions still need to be answered and they will likely be addressed later.
Apparently volatility is off the scale here post earnings, so one way or another, this will make a strong move.
I said I was out last Friday, I would rather not hold into this earnings and take the L on a small position, instead of another possible -20% decline....or even further to the last Fib support at $18.
Likewise, a positive reaction could bring this up to the blue resistance line at $35.
I think even if all of their concerns are rectified today and you wanted to enter a position, there will be plenty of time to enter once the dust settles.
Comments
I’m being cheeky and have entered 1 buy here. Not going in more than this until after the report, and will exit if the report is bad.
Chris H
2024-11-06 15:20:53 +0000 UTC
