CRUS - Move UpDaily chart for CRUS, I expect a move up within the up channel . This up move would be towards the top of the channel.
This is allowed due to the breakout of a smaller downtrend in green.
I have used bars pattern tool to show how I think price will increase.
Quite bullish if it plays out.
CRUS
CRUS Sell the NewsCRUS is a tech company that makes the electronic parts for AAPLs product, it just cracked ATHs off good earnings.
Looks like a bullish butterfly is forming along the hourly with a double top on the monthly TF.
Fundamentals align as well with news of insider sales from Cirrus Logic owns Forsyth.
"Sell the News" , a lot of popular finance sites saying buy CRUS at ATHs preying for fresh liquidity before they dump it as big shareholders are already doing some.
Wave 4 starting for another leg up with come earnings 2020.
Bearish Divergence on hourly as well.
CRUS ready to shortOn the left spotted ultra high volume bar, distribution started here from big money.
The stock came back to the same area and volume is drying dramatically.
creating high chance for short trade.
Entry on Monday open price
Stop loss = 38.39
Profit target 1 = 35.23
The plan :
At profit target 1 exit half of the position . and profit target 2 will be trailing stop and would be updated every day on the close. Start to trail the stop once profit target 1 is hit before PT 1 is hit do not trail the stop.
Plan 2: At PT 1 exit 70% of the position. the 30% remaining will be exited on trailing stop after PT 1 is hit.
Note: on plan 1 or 2
Do not trail the stop until PT1 is hit no trail before PT1 is hit