Luckin Coffee surged last week after earnings and broke out above an IPO base with resistance around $22. Volume on the stock jumped to over 50 million shares for the week. Then today it continued to trade with a huge increase in volume trading over 20 million shares in one day. Even though LK hasn’t traded long enough to establish a 30-week moving average it is showing the signs of a new uptrend with this increase in trading activity and breaking to new highs.
Disclosure: I am long LK.
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