Range bound trading opportunity in VIPS.US
Updated
VIPS has been contained in a wide trading range (11-16)since Feb 2016. It reached the bottom end of the range in Dec 2016 and began consolidating. We saw a down move on the daily chart in late Jan 2017 but it quickly recovered alongside a macd divergence. Hence I suspect the sellers lack the conviction to sell through the $11 support, which offers good risk reward for a long trade.
Target $14.50
Stop $10.25
Target $14.50
Stop $10.25
Note
Earnings report came out as a beat. Three cheers to the early birds who started buying since Dec 2016.
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