Bullish for Breakout on VIAC (Swing Trade)
This is a stock that is down because of the Bill Hwang liquidation at the end of March. I am long ($41.62 avg) with a first price target of $52.30 and a second at $60.73.
Reasons why:
1) RSI is just above oversold levels (35).
2) It's holding the long term trendline from the bottom in March 2020 at $10.10.
3) It's holding the 200SMA and the 9EMA just caught up. It looks like its starting to curl up.
Negation:
If the 9EMA crosses under the 200SMA
If we lose the 200SMA.
To me, where we're at right now mean the risk to reward is very favorable.
Note that this stock has earnings on May 6th that may be our catalyst back up towards filling the gap at $90.30. But if we've ran up a bit leading up to earnings, take some profits to negate risk.
Reasons why:
1) RSI is just above oversold levels (35).
2) It's holding the long term trendline from the bottom in March 2020 at $10.10.
3) It's holding the 200SMA and the 9EMA just caught up. It looks like its starting to curl up.
Negation:
If the 9EMA crosses under the 200SMA
If we lose the 200SMA.
To me, where we're at right now mean the risk to reward is very favorable.
Note that this stock has earnings on May 6th that may be our catalyst back up towards filling the gap at $90.30. But if we've ran up a bit leading up to earnings, take some profits to negate risk.
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