NOW get long now
Stock came from $26.33 to $71.80 for one year. Then agressively sold off from high. Pretty deep pullback which we can measure with fib levels - 61,8% is support - the last chance for bulls to prove that it is not reversal.
Yeasterday it went through lows but managed to get back and closed on highs. Showed us relative strength vs broad market (SPY, DIA and QQQ showed some breakout failure signals and closed around 1% down)
Despite it is below all key moving averages I have thoughts that money can rotate into underperforming stocks as many sectors are extended and markets are nervous so it is difficult to buy them.
Trade Plan:
Enter: now @ $47.82 or wait for additional confirmation brak up through consolidation resistance @ $49
Stop: below low of the day where sellers failed to hold below $46 then we have support from $44 to $45
Target: $53 swing high where 200 MA lies then we have $55
Yeasterday it went through lows but managed to get back and closed on highs. Showed us relative strength vs broad market (SPY, DIA and QQQ showed some breakout failure signals and closed around 1% down)
Despite it is below all key moving averages I have thoughts that money can rotate into underperforming stocks as many sectors are extended and markets are nervous so it is difficult to buy them.
Trade Plan:
Enter: now @ $47.82 or wait for additional confirmation brak up through consolidation resistance @ $49
Stop: below low of the day where sellers failed to hold below $46 then we have support from $44 to $45
Target: $53 swing high where 200 MA lies then we have $55
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