What Makes This Trade Great: An Analysis of FREY

What Makes This Trade Great: An Analysis of FREY

May 22, 2024

Hello, Barrie Einarson from Trade Ideas here with today’s edition of “What Makes This Trade Great.”

Today, I want to discuss a stock that’s been making waves among my AI trading enthusiasts: FREY. This stock caught my attention due to some interesting news and market movements. Let’s dive into the details.

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FREY had some news today that sparked interest, but the real action started with an alert at $2.29. This was our cue to go long on the stock. Initially, it climbed to $2.59 before pulling back slightly. After this pullback, FREY made another attempt, reaching up to $2.63. This kind of activity is what we refer to as “chopping around” in trading terminology.

While the day-to-day movements are intriguing, the real potential for FREY lies in its weekly chart. Currently sitting at $2.53, the next significant high is at $3.69. This suggests a potential for a multi-day run, making FREY a stock to watch closely.

When you analyze the weekly chart, it’s evident that there’s room for growth. As I often say, “it’s got the room when you look left.” This means historical data indicates space for the stock to move upward, without significant resistance.

Given the current position and potential upward trajectory, FREY is definitely a stock to keep an eye on in the coming days. I’ll be monitoring it closely to see if it can reach that $3.66 level. The market dynamics and the room for growth on the weekly chart are encouraging signs that we might see more action from this stock.

In conclusion, FREY’s recent activity and the potential indicated by its weekly chart make it a compelling stock for traders to watch. Stay tuned for more updates and keep an eye on those charts.

Happy trading!