Long
ADRO C&H + Wedge Breakout
Price has broken out of a wedge pattern that comprises the handle portion of the C+H. Consolidation in handle/wedge has occurred above an upward sloping 200 day SMA which had acted as resistance for 4+ years. MACD bullish cross occurred 5/21. It is a buy on a pullback to the breakout level around $3.15. Stock must stay above $3 for me to maintain a bullish bias. Price target of $5, I wouldn't settle for anything less than $4.30.
Note
Good example of technical analysis gone wrong. I did buy this at $3.3, and sold same day in the $3.2s. The reaction off the wedge post breakout was very weak.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.