BBVA - Possible breakout

Updated

Interesting chart here. Almost looks like basing out as a cup & handle or an awkward bull flag. Regardless wouldn't call it a textbook pattern by any means, but I've had past success with similar patterns. Big key here is the stock price is still above the 20-55day EMA's and is consolidating rather nicely right here. I'd like to see a strong volume push to $7.00 then we can start testing overhead resistances at $7.18, $7.24 & $7.32 from there we would have blue skies until $7.82 for our next test.

Note

A lot of volume, however this was a slow churner. We're still inside the that bottom trend line that I drew however we need some upward confirmation to still consider this idea. I'm not long or in this position so keeping this one on the backburner with just an eye on it. Would love to see a gap up over the next few days.

Note

Close will be key today. Looking good on an overall red day although bank stocks are up. Let's see what we close out and possibly game up next Tuesday when markets are open again.

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Looking good again today. Still want to test over that 7$ level where we can rip.

VaKTrades

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