BUY with a Stop Loss of 170.The stock is primarily in a downtrend from Mar 06 levels of 550. It looks like it is bottoming out. The downtrendline is broken suggesting an intermediate uptrend on the weekly charts. After bottoming out at 130, it is making higher pivot highs and higher pivot lows. Does not look like a mere rally to me.
There is a breakout rom MA(30) and MA(9). Moreover, the MA(9) is about to cross over MA(30). Also, MACD is forming a bullish crossover. TRIX is looking to get into a positive trend and RSI is showing signs of momentum getting built up slowly.
Bollinger Band squeeze is seen on the daily charts. There are chances of an breakout over 190.
To learn more about what Bollinger Band squeeze is and how to use it to identify breakouts, check out this old post from me in the thread Model charts showcasing patterns
1 comment:
Fantastic timing on this trade.
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