I find stocks with this certain structure usually continue to go up. That is, an uptrend where 80%-95% of the days are green and keep their strength when it matters, like the last two weeks. Despite the major move from 8.50 to 18.00 it has held current price and its resilience is shown by staying above the 10dma when it comes to closing prices. Friday was good confirmation that this uptrend isnt over and a 5-6% uptick from here isnt or should be out of the ordinary. The volume is confirmation of strength during these last two days. Fridays rally shows a lot of strength coming back from a -7% loss and is not to be ignored and is one of the primary reasons why this stock is back on my watchlist. This stock is volatile and should be entered with a small position, day traded, and entered at a decent price. Most stocks have a tendency to open slightly down and is why my entry is at 18.70, this of course will change based on how it reacts right out of the opening.
Note
Ive decided to hold this overnight as today's tight price action is likely to met with volatility tomorrow. It also broke a resistance trendline plotted at the highs in the last 5 trading minutes and is easily seen in an intra-day chart.Trade closed: stop reached
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.
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.