The prior downtrend was on low volume followed by the current attempt at an uptrend with increasing levels of demand.
Upcoming earnings could give the price action the volume it needs to break up out of the squeeze
Upcoming earnings could give the price action the volume it needs to break up out of the squeeze
Note
** NOT FINANCIAL ADVICEWatching this one closely tomorrow, stuck right between those two middle cross-over lines.
Looking to enter on break up over of green line above current candle with a stop just below the yellow cross-over line.
OR
Starting a small position and the bottom yellow ascending trend line (second yellow line below current candle on the daily) and adding through the uptrend through the current pennant.
*stop would be very tight below the bottom yellow ascending trendline.
Trade active
Opened a small position at close today w/ cost basis of $6.83/share.In looking at the 15 min chart the volume indicated a bullish equilibrium from previous day and closed above August consolidation (In my opinion). Weekly candle isn't great so keeping a low risk stop to the downside.
Note
Note
Negatives - Again, weekly candle not great (this week most likely from mixed reaction to missing estimates, yet great forward looking statements) Positives - First hold of that yellow midline after checking top yellow (squeeze developing on topside of pennant)
Overall - if all goes well I see break to test $7.40 check above $7.00 then break top green line of pennant to $8.00+
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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.