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360 Digitech Skyrockets

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360 Digitech had been working on a handle, but it wasn't ready. That pseudo-handle was forming just above a 28.61 double-bottom buy point. In any case, QFIN stock is well extended from any entry. Could it form a handle?

Video Transcript

[MUSIC PLAYING]

- Kicking things off with QFIN, at 368 Digitech. A huge gain today, up over 20% massive volume. Coming on the heels of a quarterly earnings report, a couple of sessions ago had a bit of a handle here, Ed, but just a stunning move for the stock. But it's still not at its highs from earlier in the year.

- Yeah, that was pretty crazy move. I mean, a delayed reaction to earnings because that actually sold off the day before. A tremendous earnings growth, but the sales growth is slowing. So there is that sort of dichotomy for this stock.

It didn't quite have a handle. It is-- I guess you could say that it sort of closed around a 2,861 double bottom by point. It didn't show up on markets on the pattern, but it was above the midpoint of the base. So that should have been proper. But at this point, it's well beyond extended. Regardless of whether or not there was an entry, it's extended now.

Now you sort of have to wait to see if it pulls back, forms a handle, sort of uses that as an alternate entry. Because a lot of power, a lot of growth, it's wild. I mean, but the RS line is coming back toward record highs all of a sudden. So that's a positive. Yeah, they had a really big uptrend before.

And there's a lot of strength in China stocks. Things have really been sitting out for the past few months. And you'd be-- it'd be nice to see that coming back, because they're just-- that has been a dead sector for quite a while.

- That, it has. Yeah, you really don't want to be chasing it here. And Ed, you call this a pseudo handle because there wasn't enough days here for it to be a proper handle. So now if we can see some nice, tight action for here, maybe that could be a proper buying opportunity with that strong relative strength. But the volatility here, I think, is definitely still a question mark.

- This is-- yeah, this is not a nice, slow, and steady stock. I mean, you have to be-- it's going to be wild. And it wouldn't be surprising to see this fall 10%, 12% tomorrow. There's one reason why we don't want to chase it. It's had such a nice run, almost straight from the bottom aside from that three day pause. Yeah, it's very volatile. And it always-- it always has been.

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