The next entry in the theme of Corona Virus stocks is Blue Apron Holdings Inc ($APRN). Biotech and software are not the only sectors benefitting greatly from the COVID-19 outbreak. The food delivery services are also making large gains since the lows. Blue Apron has had an unbelievable run, let’s take a look at the history of the company:
“Blue Apron is an American ingredient-and-recipe meal kit service. It exclusively operates in the United States. The weekly boxes contain ingredients and also include suggested recipes that must be cooked by hand by the customer using the pre-ordered ingredients. As of September 2016, the company had shipped 8 million meal servings. In June 2017, the company went public with an initial public offering.”
The Elliott wave count on Blue Apron is fairly clean. Let’s take a look at the Near term view.
Blue Apron Elliott Wave 4H View
Medium term term view from 03/09/2020 lows of 2.09. A Sharp wave ((1)) is set at 28.84 on 03/19/2020 and wave ((2)) at 6.36 on 05/04/2020. After that, a leading diagonal Blue (1) is favoured to be set at 14.65 on 06/02/2020. Blue (2) is favoured set at 8.82 on 06/11/2020. Prices may make marginal new lows for Blue (2), but as long as prices remain above 8.82, it is favoured further upside is going to take place. Red 1 is set, with Red 2 looking for a little lower before moving higher. The equal leg extreme blue box is at 33.21 to 49.81, an area where buyers may start to take profits.
In conclusion, the structure of the advance since the March low looks very constructive for further gains while above the invalidation level of 6.36.
Using proper risk management is absolutely essential when trading or investing in a volatile stocks. Elliott Wave counts can evolve quickly, be sure to have your stops in and define your risk when trading.
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