Long

BA - Breaking out of flag

By CheelooTrader

Updated

Chart doesn't need commentary, but bullflag breakout in progress.
long targets - 230, 260, Possibly 350
Buyers will scramble above 230

https://www.tradingview.com/x/4mZSBvQu/

Trade active

Testing 11EMA, but volume doesn't look constructive to me. Want to wait for clarity

Trade closed: stop reached

Lesson: Patterns fail...never fall in love with a developing pattern. Now it will need substantial effort from bulls to pull up the MAs and form another flag around 215. It is possible, but might need more time. There is lot of congestion overhead until 240. If you are a LT investor, you might want to wait until it retests 60VMA possibly around 200. I will wait for new set up to appear.

Note

just when things looked bleak, there's hope. If it forms a flag above 205 for ramp into 240 and overthrow after next ER.

CheelooTrader

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