Fibonacci Friday

KITT, MGOL and HUGE

Jason Bond
August 09, 2024

Good morning,

KITT - Good news hit late last night after the post-market was closed. I’m watching $2.80 support and $4 resistance. Took the trade once already from $2.90 - $3.20 in chat. Join us in the Market Masters chat today.

MGOL - Big spikes since middle of May. Started to spike again Thursday. Hard to borrow Friday so if it breaks $5.50, this could go to $8. Starting a position in the $4.40’s this morning. I’m watching $4 - $5.50 with an outside shot at $8.

HUGE - Spiked from $.09 to $.157 this morning. Retraced to $.12 here as I type. I’m starting a position on the Fibonacci retracement (intraday chart) at $.13 and looking for a test of the $.16 resistance, range to $.20 if that breaks this morning.

UVXY - The puts are looking good with UVXY down $2.20 from Thursday’s close. It’s trading just above $35 support and if that falls today, I think <$30 pretty quickly. Thursday’s jobless claims pokes a hole in the ‘recession’ fears.

Jeff Williams is out today so I’ll be running the Market Masters chat room the entire day. Click here to join us in the room.

Jay

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