This time is different?
Technical:
It has hold the major 200 ma on daily timeframe with ma30, 50 support
The $120 resistance (tested for 11 weeks) from ma 100 weekly timeframe will likely to become support since the daily timeframe holds and form a short base throughout Aug.
Currently at the low point of trend continuation after weekly timeframe pullback since may 2024.
If there is lack of momentum to breakout , it will likely to test back the 100 level, and could even breakthrough it to create a deeper retracement. as 11 weeks of testing $120 could be distribution rather than accumulation .
However, I think distribution is less likely given fundamental support of the company and still able accumulate right now at $120 and target >$160. My first call is at $113 and this is my second call.
It has hold the major 200 ma on daily timeframe with ma30, 50 support
The $120 resistance (tested for 11 weeks) from ma 100 weekly timeframe will likely to become support since the daily timeframe holds and form a short base throughout Aug.
Currently at the low point of trend continuation after weekly timeframe pullback since may 2024.
If there is lack of momentum to breakout , it will likely to test back the 100 level, and could even breakthrough it to create a deeper retracement. as 11 weeks of testing $120 could be distribution rather than accumulation .
However, I think distribution is less likely given fundamental support of the company and still able accumulate right now at $120 and target >$160. My first call is at $113 and this is my second call.
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