One to watchAfter period of absorption/stopping volume, accompanied with an RSI move out of oversold territory and increasing MACDH, could this be the start of a bullish trend reversal?
FARO trade ideas
FARO - Long Term ChannelThere is a potential short term breakdown of this large channel that has formed on FARO
I have shown this breakdown in green with the bars pattern.
Likely this breakdown will lead to a double bottom and then push to further highs. Hence my view as a 'short term breakdown'
$FARO - out of the bull wedgeThere could be a lot of play left in this one
I would enter on a pull back and be cautious using starter position
FARO, MACD Histogram just turned positiveThis is a Bullish indicator signaling FARO's price could rise from here. Traders may explore going long the stock or buying call options. Tickeron's A.I. dvisor identified 45 similar cases where FARO's MACD histogram became positive, and 38 of them led to successful outcomes. Odds of Success: 84%. Current price $68.84 is above $65.37 the highest support line found by Tickeron A.I. Throughout the month of 11/06/20 - 12/09/20, the price experienced a +9% Uptrend. During the week of 12/02/20 - 12/09/20, the stock enjoyed a +0.57% Uptrend growth.
Bullish Trend Analysis
The Momentum Indicator moved above the 0 level on November 09, 2020. You may want to consider a long position or call options on FARO as a result. Tickeron A.I. detected that in 67 of 93 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are 72%.
FARO moved above its 50-day Moving Average on September 28, 2020 date and that indicates a change from a downward trend to an upward trend.
The 10-day Moving Average for FARO crossed bullishly above the 50-day moving average on October 02, 2020. This indicates that the trend has shifted higher and could be considered a buy signal. Tickeron A.I. detected that in 15 of 21 past instances when the 10-day crossed above the 50-day, the stock continued to move higher over the following month. The odds of a continued upward trend are 71%.
Following a +1.86% 3-day Advance, the price is estimated to grow further. Considering data from situations where FARO advanced for three days, in 205 of 292 cases, the price rose further within the following month. The odds of a continued upward trend are 70%.
The Aroon Indicator entered an Uptrend today. Tickeron A.I. detected that in 134 of 193 cases where FARO Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are 69%.
Correction has BegunWe have to retrace a long way down to correct the long rise of yesterday. We have just started and are holding well below the Bollinger Band at this time.
FARO short opportunity at 53.57/54.35FARO shares gapped down in today's session and attempt to recover; however, through a technical point of view, shares would react to a certain point and retrace before making its next move. My estimate is at around 53.57 to 54.35. I expect to see some weakness around these areas which could present a short opportunity as marked on the 30 minutes price chart.
Here is some interesting area to short or buy this stockThis is my buying / shorting areas for this stock! will be interesting to see what happens
Faro came close to major resistance and ready for break upFundamentals :
FARO Technologies, Inc. operates as a 3D measurement, imaging and realization technology company. It design, develop, manufacture, market and support software driven, three-dimensional measurement, imaging and realization systems.
Technicals :
2015 was hard for this company and price dropped from around $63 to almost $20. But now, it shows some power. Price jumped up after earnings and approached to major resistance at $35.25. The break and close above will lead us higher.
Trade and Risk Management:
Break and close above $35.25 will trigger an Entry Long with stop below $32.20. Target depens on your timeframe. For active traders it can be around lower $40ish. And for long term holders - $48.
