Dave Barnhart breaks down trading setups for QUBT and SOFI, looking at volume, consolidation patterns, and moving averages. He maps out 5-minute support and resistance levels with specific bullish and bearish price targets for each stock.
Chapters
Good morning, traders. It is 5:51 AM on Wednesday, December 18th, 2024. So let's go ahead and look at some pre-market volume today. So I've got 2 trades for you. One is QUBT and the other one is SOFI. So let's go ahead and have a look at QUBT. All right, so quantum computing has been in the news and I've been talking about it for More than a week now. So this QUBT, look at all of this, uh, back here from 60 cents all the way up $1.30 and then $3, but hundreds of thousands of shares here. And it looks like they're adding to their position here. And so we had more consolidation here as more trades were added. And then another 269,000, we've gapped up. And yesterday there was another, uh, 275,000, one at $14.50 and one at $16.84. We're at 1850 right now. So let's go ahead and look at our 5-minute and see where we have our support and resistances. So right now we're bullish above 20. So we see all of these support, these pivot lines. So we're bullish above 20. We need to get up about here and then 2020 is our target, 2050, 21, 2128. And then if we get above this one, we're clear to 24. Now on the downside, we're bearish below $18.20. We see all of this support here, so if we get down to $18.20, then we've got to trade down to $18, the dollar level, $17.79, $17.29, and then we've got to run down to $16.29 and $15.82 all the way down here. Okay, the second one that I have for you is SOFI. This one has been doing quite well. Now we've been riding this 4 and 8 exponential moving average up and there's been more and more prints. Now there yesterday, there was another 1.2 million at 1648. We can see that here. And then if I scroll down a little bit, we'll look more at these prints. We've got 1637, 1660. So all of these are in that 40 to 60 cent area. So 1642 is 714,000. We'll add that to the chart. So. We had a little bit of a pullback to the 8 EMA and it pushed up. So this still could be bullish. And so what we need is this to start moving higher or break below these levels. So let's go ahead and look at the 5-minute. So for SOFI right here, we're bullish above 17. We're at 16.85 now. So we're bullish above 17, which will get us above this one. And then our target is $17.16 up here, $17.20, $17.50. Well, if we get above the $17.21 area, then we're all— we're good to $17.50, $17.67. And if all's good, we break above there, then can go to $18.67. These ones have been on fire, and it's a lower-priced stock, but they, they've been moving quite a bit. So anyway, those are the 2 trade setups for today. Hey, uh, don't forget to like and subscribe and let us know how you're doing in the comments section below. All right, have a great one, traders.
