BNGA (VCP - 26W 9/3 4T)I have my positions
February 5, 2024
Reasons:
1. Low-risk entry point
2. Confirmed stage 2 uptrend
3. Has gone through a majority line of supply
4. A very clear supply coming right across the red line where all the action happen as far as where it's been denied
5. High relative strength
6. Volume dries up as less supply coming to the market
7. A huge volume on the breakout
8. Strong fundamental standpoint.
Flaws:
1. The market is still in a hard-penny environment, not much confirmation from the momentum stocks with only 25% of total stocks above the 200-day moving average
2. The index is moving higher but there are still less stocks setting up.
I bought my big position last week and couldn't manage to add more today on the breakout. I like to see some follow through action from now.
