Hello There,

welcome to my new analysis about RDDT on the weekly timeframe perspective. In recent times I have spotted interesting setups in the stock market that have the potential for the realization of strong trading opportunities. One of them being RDDT, the stock is trading on a solid base from where further bullish expansion potentials have the ability to unfold.

When looking at my chart now, we can see there how RDDT formed this gigantic triangle formation. In this formation, it already continued with the wave count and is now in the final stages of the wave count, likely to complete the whole wave count in the next times. The bounce off the 100-EMA marked in green additionally confirms this setup for further wave expansions.

If a solid bullish bounce from the current level happens, RDDT is primed to complete the whole triangle formation with a final breakout above the upper boundary. As seen in my chart, this will confirm the bullish breakout confirmation setup. From there on, RDDT has further potential to expand. Considering this scenario, RDDT will unfold an upside potential of +150%.

The recent volume also confirms the currently bullish state RDDT is trading in. Should the volume increase in the next times, especially with smart money institutional operators massively increasing their holdings, this will confirm the strong bullish determination. An aggressive entry would be to enter immediately. A conservative entry would be to wait for the completion of the triangle.

In this manner, thank you a lot for watching!
The support is highly appreciated.

VP