Hi, Marty,
Two questions, sir. (1) What are your thoughts on U? (2) What are your thoughts on a good buy point? When I look at the weekly chart, I see a big cup with a buy point of around $174.94.
Answer (1): I really like this company as they have shown the ability to grow their revenues by 40% year over year consistently. Of course, now they will receive more attention due to the Facebook pivot to the "metaverse" but they have been showing strong growth for quite some time.
Answer (2) You are all over this one, and I am so glad you used the weekly chart is it weeds out the day to day gyrations. $174.94 is the exact buy point. If you can enter this stock anywhere between $175 and $180 that would be a proper buy point and not chasing. Maybe, if this pullback subsides tomorrow we can enter at the $175 pivot area? I am going to try and start a 5% position for my portfolio.
One thing that must be noted on this weekly chart is that U (Unity Software) has big blue volume bars on the right side of its IPO base. This stock is being accumulated. If you have read the "Lifecycle Trade" by Kathy Donnelly and Eve Boboch then you know this stock is entering it institutional advance phase and leaving its 'turbulence zone!" This looks like a good setup with the risk being worth a possible large reward.
Thank you!
Regards,
Marty
