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Affirm - Where Do We Go From Here?

Affirm - Where Do We Go From Here?

Let's look at the possible setup for AFRM. Correction possible for an entry. Plus a few charts I'm looking at for the week.

Eric Hyde's avatar
Eric Hyde
Nov 17, 2024
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Affirm - Where Do We Go From Here?
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AFRM

Let’s look at a chart of Affirm Holdings this week. Generally, I like to buy breakouts or trend reversals but Affirm seems to have some good potential and seems to be trending nicely since the beginning of August where it bottomed at $22. It’s currently trading at $56 but with a prior all time high of $175, it could have some room to run. I’m not saying it will make it there again, but it’s definitely trending in an orderly fashion.

Let’s begin…

AFRM in three charts.

1️⃣ AFRM consolidated along the blue downtrend line from 12/23 to 8/24 before breaking out on HUGE volume August 29th of this year. This chart signifies the importance of not getting in until price tells you it has broken it’s downtrend.

Price ran from roughly $33 until an intermediate high of almost $60. Nicely done AFRM!

TradingView chart
AFRM Breakout

Had I been involved and bought this at the breakout, where would my target have been? (Yes, hindsight is 20/20 but this is why I study the history of charts for future setups)

Let’s look at chart #2…

2️⃣ Zooming out a bit, you can see the same chart but now going back to August of 2022. This would have told me to exit my trade at the blue resistance line. This is close to where we are now.

Will it pullback again?

TradingView chart

Chart #3

3️⃣ Zooming in again to get a closer look, we can see the previous breakout at $32. Since then, price has been trending nicely along the 21 day moving average (orange) and 50 day moving average (green).

I do not own AFRM but looking to make an entry. When price gets a bit too stretched above moving averages, patience is needed.

Again, I don’t like to chase.

If price pulls back into the up trending moving averages, I’m a buyer. If price then breaks those moving averages, I’m out and will wait for another set up.

TradingView chart

And lastly, for fun…where has AFRM been and where are we now?

Zoomed out……

TradingView chart

For those less interested in swing trading and more interested in longer term hold, this might be of value.

More Charts

Let’s look at a few other charts I’m watching for the week ahead…

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