Possible High Tight Flag set-up
IMINT (Spotlight stock market Sweden) made a breakout from a cup and has since the low of the cup risen almost 90%. This is just below the ideal minimum of 100% of a high tight flag set-up. The pole of the flag was formed in 8 weeks with good volume on the way up. The flag is currently forming and is in its third week with so far significantly lower volume than during the rise. Current correction in the flag is around 15%. I currently see two possible entries.
Entry 1:
By checking with the daily graph there is a small top at 73 on the first of september. If price rises above this point on good volume an early entry could be possible.
Entry 2:
If price breaks the high of the flag 76.8 on good volume this presents a clear entry.
I'm already in this stock since the breakout from the cup and I'm looking to add at a breakout from the flag. I do not have a set price target but will instead let price, volume and moving averages guide profit taking.
Entry 1:
By checking with the daily graph there is a small top at 73 on the first of september. If price rises above this point on good volume an early entry could be possible.
Entry 2:
If price breaks the high of the flag 76.8 on good volume this presents a clear entry.
I'm already in this stock since the breakout from the cup and I'm looking to add at a breakout from the flag. I do not have a set price target but will instead let price, volume and moving averages guide profit taking.
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