What is up, everybody welcome to trace trades, where we have technical analysis on different stocks in the stock market, as well as potential buy, hold or sell opinions on these. Given stocks i'd like to preface by saying that i'm not a financial advisor nor expert, i understand i'm doing youtube so take what i say with a grain of salt. The reason i started this channel is because about two years ago i was about 30 000 deep in some pretty bad medical debt, and i was very fortunate to have some close family friends and mentors that pushed me to work really hard and invest my money, and I am now a financially free guy, so if i can pass along any of that information, resources or tools to you guys and make your lives a little bit better off than they were before, that's all a guy can ask for. Thank you all so much for 1.

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So with that being said, we are going to be covering ticker symbol, gnog gnaw golden nugget online gaming incorporated previously lca lancadia holdings. Now this is a space stock. It was a smack stock. I should say - and i've been asked a couple of times in the comments section on my videos: hey uh, hey trey.

Why has this stock absolutely tanked? Since the merger happened? I thought it was gon na it was gon na shoot to the moon. I thought this was gon na reach 30, 35, 40 50., and i have an answer for that and we're going to be covering a couple different things here: we're going to establish some macroscopic and microscopic levels of support and resistance. We're going to discuss the average volume that we're seeing what you should expect if we have unusual trading volume, we're going to discuss the volume moving average current bullish and bearish trends, and why this stock has seen such a massive sell-off and selling pressure. In the previous four trading days, so with that, let's establish some near side levels of support and resistance.

We do currently have a pretty solid support sitting at where we are right now in 1970 and another level of support currently sitting right about here in 1839. This was a previous level of resistance, and you can see here that we gapped up from 1839 to about 1940 uh looks 1940 exactly. We had a pretty large gap up here, so i would watch very closely for this price range. I do think it is possible that we see some price action between 1970 and 1839.

If we do have another red day, i do think 1839 is going to be the bottom out on this stock. Now that is not guaranteed, i'm not a wizard. I cannot predict the future, but g-nog is in a massive buy zone right now. Okay, this stock is going to reach 30 someday uh.

The potential here is absolutely filthy, right, um this company. Imagine this imagine that the united states, which is very possible this, is speculative but possible. Imagine that the united states legalizes gambling in all 50 states right, not just draftkings, but g-nog - is going to massively benefit from this legalization. As what golden nugget is, is there's an online casino.

You can play blackjack, you can play poker, you can play slots, you can play roulette. You can play any of those uh, those regular casino games from the comfort of your home, and that is huge with the kovid era. And i think that the the covet era is going to drastically change the amount of times and and and uh contact that people have in the outside world right people have realized hey. I can do everything from home, it's possible to work from home, it's possible to gamble from home it's possible to order groceries from home right people are going to transition to this online casino, and i completely think that gnocc is going to be a big player in That scene, so with that being said, this is a huge entry point.

I would consider establishing a position if you do not already have one in this 1839 to 1970 range. Of course, this might not be the bottom, it's very hard to predict the absolute bottom, but this is a huge cut from where we previously were. You know sitting at 27.18, so you can make a very large profit if you got in here and it just stopped at 27. However, i don't think that's where it'll quit.

I do think the stock is going to eventually reach 50. I think it is going to be on par with draftkings someday, possibly even better as the opportunities that that golden nugget online gaming has are are seemingly infinite right. They could completely and easily transition to. You know fantasy sports.

They could do sports betting, they have the casinos, they have the roulette, they have the the poker once they make that transition um in the states if they do legalize gambling in all 50 states. This is going to be huge, so watch for this. As an entry point and watch for the immediate resistance level sitting right about here at 2242, this was a acting level of support in the past and is a current level of resistance. And then the ultimate level of resistance that we're watching for is the top out.

Here, at about twenty seven dollars and eighteen to twenty cents, and once we get back up to this 27 18 27 720 price valuation - i do think 30 dollars is the next price target. That is what people are going to be looking for and if we can get above 30 dollars, i think the upside is just going to continue to build. The momentum is going to build. The bulls will have a very solid trend going, and it is extremely possible that we see this push up to 35 40 50.

Eventually now this is going to take time. This is a company that will take time to develop, as we do not have currently legalized gambling in all 50 states. But if you hold this stock for one two three five years, i do think you're going to see multiple hundreds of percent of return on your investment, especially if you get in in this 1970 to 1839 range. That is a huge opportunity, guys so consider that if you do have a position in this stock um, it is worth to me averaging up.

I bought in at this on this stock at about 15 and i sold at about 26.80 and uh. I will be reestablishing my position in the 1839-1970 range, as i do see the stock having huge growth potential and being able to deliver huge margins of return. So those are the macroscopic support and resistance levels. Let's look at the uh regular trading volume averages.

We do typically see between you know, 890 000 and i would argue two and a half million. So if you see a sudden spike in volume, i've said it before on this channel, so the ogs out there. You know what i'm about to say: volume drives volatility and volatility drives higher price valuation. So let's look here right: um 11 million shares traded on a given day.

We gapped up that day, guys we went huge. It moved up an exponential amount. So if you see anywhere above 5 million shares traded on any given day, it could be red right. We could see what happened here where we saw a pretty massive sell-off.

We could see what happened here, pretty massive sell-off, but it can go the other way right and i think it's more likely to go the other way. If you see a huge amount of shares that are being traded, there's there's a lot of risk for short of short sellers um, because the the loss potential is infinite right. Betting against this stock. Right now, when it's when it's nearing a bottom is risky.

So it's more likely that we see a buying pressure than a selling pressure if we get into this price zone right here now the microscopic view. If we look at current levels of support and resistance, we do currently have a support level sitting at about 1971.. This is not a very strong level of support. We only have one contact point here in the recent future in recent trading and price action.

However, a stronger level of support does seem to be right about here at twenty dollars and sixty cents. We have one two contact points and you can see here. We consolidated at this price range for a while, and once it was rejected, we saw a pretty harsh sell-off down in 1973, so, if you're looking to get into this stock, i would watch for these two. As potential entry points for a swing or day trade - and you could be looking in the short term at 2198 as a potential exit point.

However, that is a very high um price valuation from the entry, but we do have a slightly lower entry point here. At 2152, if you are looking to have a little less risk, i would watch to see if we have a breakout through this level of resistance in which you could watch to hear. If we have another breakout, you can just continue to ride it right in the flip side, if we open - and we see some pretty heavy buying pressure at market open, we touch this level of resistance and there's rejection. You could enter here as a short seller and write it down to either 2154, which would be an acting level of support in that instance, or down to 2061 or 1973.

you're just going to want to watch the price action see if we're going to see a Rebound to bounce back up, if you do, it might be worth it to exit your trade. If you see rejection and lower price valuations, you can continue to ride the trade right. That is a way to do it. We are currently on bearish territory right.

The last four days have been very red. We did just dip below the six month volume moving average on the last trading day. However, if you look at the overall trend, it is extremely bullish from a macroscopic view right back in um. This would have been october.

We were sitting right around 11 and even sitting in 1970. You are still up a massive amount on this stock. That is huge growth, and i would be very happy with that. If you were holding a position anywhere in the 10 to 15 range, i would consider to continue holding or even add to your position in this instance.

So that is the current price action on g-nog. I do see the stock hitting uh 30 dollars within the next one to two months and long term. One year i could see this being a big player with draftkings. It will highly depend on the legalization of gambling in the states.

If we do see some pressure from legislation to legalize gambling in the states, i do see this reaching 50 within one to two years. That would not surprise me in the least bit and 100 growth guys is outstanding, you'd see even more than that you'd see. You know 150 growth if you got into this price valuation uh this price zone. So i hope that was helpful.

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