Bumble, Inc. is a popular dating app which has recently come to the market with a stock offering. While price history is limited, what we can see on the chart reflects relative strength against the broader market.
When it comes to swing trades, we are only interested in short term technical patterns. And at the moment, BMBL is showing a broader higher low consolidation which can be interpreted as a sign of strength, especially in light of a weakening stock market.
While this stock is not highly correlated to the S&P, if there is a sharp recovery rally which is very common in the current environment, BMBL can benefit from the collective sentiment and break higher.
Keep in mind, respecting the BUY STOP is extremely important. That order is placed at a break out price and if it is not touched, then the trade idea is NOT active. This technique helps to filter out many potential losing trades and fake outs.
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Here is the trade idea:
Buy Stop: 52
Stop Loss: 46
Target 1: 58
Target 2: 62
Target 3: 66
NOTE: IF the stop loss is reached BEFORE the trade idea becomes active, it does not negate the idea. The purpose of the stop loss order to to protect capital once the trade is ACTIVE.
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