$Futu Holdings Ltd (FUTU.US)$
Futu started the week well but ended just slightly higher than last Friday despite the good news.
I do understand there are many who are trapped in this stock. The same goes me too in other China stocks.
If you are here trading hoping to make money fast because futu will fly to the moon, you are probably in the wrong stock because futu is in a long term downtrend and it will take a period of consolidation before it can reverse this downtrend. It is not a pullback or correction territory where it can do a V shape recovery. This consolidation that will happen after a long term downtrend can take months and sometimes close to 1 year. So coming in to futu now is definitely not a get rich fast stock like many US stocks which is flying to the moon now like tesla.
Futu is essentially in a bear market condition where investors confidence is broken and only the real bulls who have researched and have conviction in this stock will keep adding at various support levels. Don't be surprised there are even real futu bulls who are super convicted in this stock that has not added much yet as they are still waiting for the bottom or a clear buy signal before going all in.
People who do not do enough research or understand the company well enough will be emotionally affected and thinking why the stock just keeps dipping everytime they add positions. While the real bulls are smiling adding to positions because they understand what this stock is worth to them and they are in fact buying at a discount.
Trading point of view this stock has almost no signal for you to go long now. And you will be better sitting at the side now waiting for it to hit a good support level before buying in rather than randomly buying in at whatever small dips and eventually run out of bullet the time it hits the critical support level.
I personally will start opening positions on this stock when it hits 36 or 45 range as I am pretty confident a stock like futu will probably not break that critical support and head down towards 26 critical support.
But as always, trade safe & invest wise!

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Weekly market recap
For the week, $Dow Jones Industrial Average (.DJI.US)$was back down 0.5%, threatening to snap a string of weekly gains; the $S&P 500 Index (.SPX.US)$is headed for a weekly decline of 0.9%, while the $Nasdaq Composite Index (.IXIC.US)$is looking at a weekly decline of 1.8%
Stocks enter a busy week for earnings news with two perplexing questions hanging over the market.
One is whether the big gains in corporate profits will start to boost stocks with solid earnings reports. That was not the case for some financial sector stocks this past wee...

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