CHS BREAKOUT!Hi there, Yurii Domaranskyi here.
Risk vs Reward = 1 to 5.12 ✨
It means if you risk here 100$ you may make 512$ Not bad, huh?
CHS
CHS bullish swingtrade A lot of signals make this one looks toasty. The 50 ema on a monthly, non adj for divies is the one resistance to keep an eye out for.
Chicos FAS $CHS, the penny stock leading retailAfter formming a pennat pattern above its moving averages, today made the breakout with good volume. The detail is that it didn't close at the high but still, I think its a confirmed breakout. Because the stock its very volatile, I got in with half my position. I'll wait until the price breaks above the $7.26 resistance to buy the rest.
At first my price target would be $8.15 but, according to the rules that can be use to forceast future prices with this type of continuation pattern, I'll just put my stop on breakeven and wait and see if it can get to the $9.80 target.
AMEX:XRT is rank 7 among the top 100 ETFs in Barchart (www.barchart.com). That means that the retail sector is leading the market, this gives me confidence on this buy. I'm also watching NYSE:BURL . A good buy zone for NYSE:BURL would be above the $350 zone.
CHS - H&S formation Short from $12.96/13.34 to $9.57CHS seems forming a H&S formation in weekly frame and in the daily frame it is breaking down all the MA lines & strong support labels. We think it will decile from here down to $9.50 area.
* Trade Criteria *
Date first found- April 4, 2017
Pattern/Why- H&S formation
Entry Target Criteria- break of $12.96 or bounce to $13.34
Exit Target Criteria- Target 1- $10.14 Target 2- $9.57
Stop Loss Criteria- $14.07
Please check back for Trade updates. (Note: Trade update is little delayed here.)
CHS Earnings Gap Plan (Brad Reed May26,2015)If CHS gaps below 16.59 consider using the Retest Gap strategy but watch out for 200sma on daily. If it gaps above 17.39 consider using the Gap N Go strategy. To get a free and complete trading education go to www.RealLifeTrading.com
