It’s just one company among many stocks, sectors and industries on my watch list for a buying opportunity on this correction. I may or probably won’t end up buying it, but Quantum Computing company IONQ has a chart that illustrates where I would buy if I become interested.
IONQ had most SeekingAlpha funda analysts bull-horning “buy” into the June 3rd top with but one fellow nailing it back in May, prior to the top.
Since then they’ve moderated.
The chart speaks for itself. It is becoming oversold and it’s on a nose dive toward a gap fill (29.84) and support (25.90 +/-). Short of those items being registered, I am not interested. If they are registered, and since the view is not currently for a general bear market (just a correction), if I wanted IONQ that is where I would consider buying it.
But again, this update is more of an illustration of what bottom feeder Gary would be looking for in many stocks that are rolling over and/or plummeting (hello my old friend, Semiconductors). Not just this one.
NFTRH+ trade setup ideas are presented for consideration and further research only, not as recommendations. I may or may not personally take positions in all or even most NFTRH+ ideas, as it would depend on my portfolio composition at any given time. “Stop loss” and target levels are usually noted and should be respected.
