Long

Common retracement to top of pattern following gap up breakout

Updated

We broke out of a symmetrical triangle in a gap up and are simply retracing back to the top of that pattern before making the move up. This is very common and has to do with market cycles. We should expect volume soon, but if there's no volume it is possible we can retrace all the way back down to the 200 Day SMA around $120-$130. Near term outlook is neutral, intermediate term outlook is very bullish, long term outlook is very bullish. Good luck.

Note

Fell to the 50D EMA before taking off. Analysis holds.

EricIker

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