IPGP gaps up on higher volume
IPGP is a possible near-term buy opportunity. It is not trending well so is not a longer-term trade right now.
Yesterday's gap up offers a near-term buy due to the increase in volume on both this and the previous bar. Friday's bar (6th February) was actually more bullish and broke out above the strong resistance (at $78.59) and above the round number ($80). Yesterday's bar gapped up (showing strength to the upside) but was not bullish (a possible indecision or reversal candle). A retest and/or gap fill may transpire.
However, there is no further resistance ahead - although earnings are due on 20th February. Even for a short term trade this may be cutting it fine (to make a profit) but is not unreasonable.
Yesterday's gap up offers a near-term buy due to the increase in volume on both this and the previous bar. Friday's bar (6th February) was actually more bullish and broke out above the strong resistance (at $78.59) and above the round number ($80). Yesterday's bar gapped up (showing strength to the upside) but was not bullish (a possible indecision or reversal candle). A retest and/or gap fill may transpire.
However, there is no further resistance ahead - although earnings are due on 20th February. Even for a short term trade this may be cutting it fine (to make a profit) but is not unreasonable.
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