TAP - start of bullish trend?
TAP bottomed in Sept 2020 and began to move higher till 7 Jun2021, after which it made no further progress and pretty much churned sideways in a wide range for the next 11 months.
Finally, on 2nd May this year, it began to propel strongly above the neckline due to positive earnings surprise. However, it then began to pullback over the following few weeks, all the way close to the neckline before staging a strong rebound. This is a classic breakup and retest that affirms that the neckline (formerly a strong resistence) is now the new "support".
The stock appears to be poised to began an uptrend that could last a while. The next strong resistence could be around $75. However, it is just a level to look out for and nothing is cast in stone. Trade management (which varies according to one's trading style and temperament) is required to see how far one is able to ride a trend.
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
Finally, on 2nd May this year, it began to propel strongly above the neckline due to positive earnings surprise. However, it then began to pullback over the following few weeks, all the way close to the neckline before staging a strong rebound. This is a classic breakup and retest that affirms that the neckline (formerly a strong resistence) is now the new "support".
The stock appears to be poised to began an uptrend that could last a while. The next strong resistence could be around $75. However, it is just a level to look out for and nothing is cast in stone. Trade management (which varies according to one's trading style and temperament) is required to see how far one is able to ride a trend.
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
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