New Setup: FNKOWhile the news are all calling for a bloodbath in stocks, there are a few notable stocks that are now setup.
FNKO trade ideas
FUNKO_Funko_1W📊Funko FNKO stock analysis
In the long term, the market is at the bottom of the price and based on Elliott waves, it has completed the 5th wave of decline and is currently in the 5th wave of decline, which can be suitable for investment.
Support range 6.50
The target is 18.00 and 22.00
FNKO possible breakoutWant to see $FNKO close above 18.77 today. Very bullish if this happens, especially with all the NFT craze happening. FNKO's first NFT release has been HOT. Will average up if I see positive price action.
The only problem is this could be a weak stock because I have been trying to trade this the past few months and it seems like it has not been able to get love from wall street (should follow the money). Also could be due to small caps getting smashed as a whole.
Long Trade in FNKOFunko took a beating in last year’s bear market, but the stock is quickly coming back to life.
FNKO surged on earnings last week and has given back almost none of the initial move.
Shares are barely retracing and doing so on minimal volume – a sign that no one is selling.
This trade is pretty simple – draw a trend line and buy when it breaks above it. I forgot to publish this on Friday, but Monday's action is pretty much exactly what I was hoping to see.
A good breakout should not retrace to the low of this consolidation (currently 10.74), so you could take a stab at this one with very little risk.
FNKO Accumulation signals 26% off 52 week high when markets drops over 30% and most leaders down over 50%.
Cup with handle pattern with accumulation signals from alpha bars.
Holding pretty good with this bear markets as well.
High relative strength.
10 W MA and 40w MA in converging.
We could see a very good move to the upside once buyers regain control.
Funko outlookFUNKO
Trend:
Above 50,100 and 200 EMA
Positive ADX, DI above 20
Trend seems to be strong
Macro outlook:
Speciality retail
Funko is a leading pop culture lifestyle brand.
They provide connection to pop culture with a product line that includes vinyl figures, action toys, plush, apparel, board games, housewares, NFTs and accessories.
Recommendation:
Wait for price to cross above the resistance @ 27.32 for an entry
FNKO -> IPO Base FNKO was coming out of a broken IPO base. It rallied 50% off the lows and continually made higher lows (a constructively pattern for a long position). There was increase volume as the stock started to base out in March- on the left side of the base. As the stock made its way through the base pattern, volume dried up and price volatility contracted, again constructive signs to initiate a long position. At this point in time, the 50MA was increasing + below the stock price signifying the medium term trend is upward. Now its just a matter of finding an entry point. A low risk entry would have been at the EMA Crossback (reference made to Oliver Kell)
The trade is immediately in profit and doesnt test the stop loss at all. (position is validated from the start). The chart identifies areas to take profit at the 10EMA extensions
FNKO Explosive MoveFNKO shares exploded 26% yesterday on the announcement of a 25% acquisition of its shares by former Disney CEO, Bob Iger, and his consortium.
Could this be the third wave to the upside ? The wave counting seems legit. Yesterday's gain also broke the $20.85 pivot high formed on 4 March 2022. This will be a very interesting month for FNKO.
FNKO could retest bottom of falling wedgeI think $FNKO may be headed to do what the title says.. I should have sold at resistance but no I did not because of FOMO. That's alright I still have strong conviction that this will rally on rotation into small caps, and that it will rally BIG because of its NFT business.
