E1WL34 trade ideas
Breakout of weekly channelPossibly.
Look for the consolidation after this in the next few days; maybe make a bull flag.
Could be the start of a steeper upward channel.
EW Breakout Play and Reminder: Its always good to brush up on our trading rules. One rule I live by is that past resistance acts as future support, in case you couldn't tell by the chart! In late June the price was met with resistance at $154. After retracing and testing support again, the stock is ready to try again. If the price does bust above previous resistance @$154 I'd expect a move up to $165 or higher. Earnings on 7/26 could be just the catalyst this thing needs to bring in the volume required for the move up. If earnings are bad though we could very well see a double top at these levels. I've got my eyes peeled with a finger on the trigger for this one.
EW Long Just below 118.9 buypoint in handle, resistance around 120-121 though so wait fro break with big vol. support.
EWBuy on pullback too highlighted demand zone on weekly chart
Entry: $87.93
Stop Loss: $83.90
Target 1: $100.00
$EW Good long opportunity This stock looks to me like a good opportunity for a trade.
Currently forming a Pennant which is a trend continuation chart pattern.
This stock is also relatively high volume, and trading well above Daily and Weekly 200 period moving averages. This just further helps see the strong Bull trend this stock has been going through. Remember, the trend is your friend! This stock is trading at new highs and there is no resistance in sight. Will be looking at whole numbers for potential resistance levels. (For example 110, 115, 120 and so on)
Earnings are being released on 4/26 so expect volatility!
As I mention with all my stock ideas the ideal entry is when the market has set new highs. Wait for the S&P to clear 2137 for the highest probability set up.
