Teladoc reaching $600 target price by the end of 2023!
Updated
TDOC fundamental and technical analysis based on trend, volume and patterns.1. Fundamental
- fast-growing market
- market leader
- products and services with the highest potential being pushed just now(primary care and long term patient care, having your personal doctor online 90% of the time)
- mindset change of having the doctor online
Link to the article: codeit.us/blog/telehealth-trends-after-covid
2. Technical
2.1. Macro
- Harmonic pattern ( looks like a crab :D ) serving the purpose of accumulation and price correction before continuation in the same wave time period of 1 year as the last symmetrical triangle accumulation/correction phase in 2018.
- 2-year long bull wave until the end of 2023 reaching a price target of $600.
- volume profile supports and price magnets
2.2. Micro
- nice little pseudo-Wyckoff accumulation with proof in the underlying volume and price action
- nice little diagonal head and shoulders pattern for a nice tight leveraged entry (don't forget that you need to know how to manage your risk!)
If you are going to use low leverage or only cash, then just buy now and hold minimally until DEC 2023.
For leverage, you can have a 7% stop loss under the right shoulder and a target of $600 with intermediate targets along the way to reduce your position and risk - the first target being around $135.
Smaller stops of a few % can provide you with a tighter risk and a bigger position, but this is only for experienced ones and is definitely not recommended for this kind of trade. Rather you use a smaller position and stay inside in the long run, than be stopped out of this 2-year bull wave at the very beginning.
* if the price is already too high and you can't have a good tight stop loss, then you need to use your skills and set good limit buy orders on the support levels (look at the volume profile) to get in the trade. in this case, use small or no leverage and don't chase with too high leverage!
* it is definitely possible for the price to reach the orange support level of around $75 with a quick wick and kill your trade or even liquidate you - so don't forget to manage your risk.
Note
We got a really nice triangle here. Still above the right shoulder. Really weak selling. Great entry point!
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.