How would you follow recent IPOs while they are still basing?

I don't treat IPO stocks differently from non-IPO stocks. The process is the same. On this stock, a pullback buy during the first five or 15 minutes, around 231, was reasonable. I'd have preferred the 150 to move a little lower so the other EMAs could catch up and tighten. The daily 9 and 21 EMAs were also far apart, and price was at the anchored VWAP (AVWAP) from the previous swing high, which lowered the odds of breaking out there. Because the market was rallying into declining EMAs, I expected chop or rejection. I did not think it was a good time to be extremely bullish and expected more entry opportunities after support and another higher low formed.

Source: Don't panic | 23 Jun 2026