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Today’s newsletter is centered around stocks with significant retail interest:
CleanSpark, Inc. (NASDAQ: CLSK)
CLSK has been trading in a potential ascending channel pattern with higher highs and higher lows since COVID. However, it has not made a new ATH since 2018 due to significant dilution. The monthly SKDJ oscillator is still headed lower following a bearish crossover in Feb'23, suggesting that the ongoing consolidation is set to continue for the time being. The past 2 bottoms were "confirmed" a few months after a bullish crossover on the monthly chart - we have yet to see this crossover occur.
On the daily chart, we can see a descending channel consolidation pattern in place since the start of 2024, with lower highs and lower lows. I'm watching the 5.11-5.73 box to the downside, and 13 to the upside. Until then, it's likely that CLSK will continue to be indecisive and choppy to frustrate both bulls and bears.
GameStop Corporation (NYSE: GME)
GME's weekly chart looks interesting currently - the SKDJ oscillator formed a bullish crossover just 2 weeks ago. Should GME be able to fill the weekly bearish imbalance sitting at 29.26-30.76 and break out of the bullish pennant consolidation pattern it's been sitting in for several months, then it can push all the way to the 40.08-49.80 box which was a strong resistance the last time we tested it in May last year.
Should GME reject at the pennant resistance trendline, then it could retrace back into 24.54, and further into the 23.85 weekly bullish imbalance. However, the timing of the SKDJ crossover coupled with the favourable call flows recently suggest that it could be preparing for a breakout.
Here’s a closer look at recent price action to have a better sensing of the levels in play:
Rigetti Computing, Inc. (NASDAQ: RGTI)
RGTI made new ATHs in Jan'25 after hitting a low in May'23. Since then, it's been consolidating back into prior support.
It's currently trading in a descending triangle consolidation pattern with equal lows and lower highs, that can go either way. The key area for bears is a breakdown below 7.10, which could see a retest of 5.91-5.95 once more. As for bulls, the key area is the 9.52-9.72 quarterly resistance. As long as RGTI continues to trade below this level, the consolidation setup favours a breakdown.
$CleanSpark, Inc.(CLSK)$ $GameStop(GME)$ $Rigetti Computing(RGTI)$ $SPDR S&P 500 ETF Trust(SPY)$ $iShares Russell 2000 ETF(IWM)$
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