Possible buy situation on H stockHyatt Hotels Corporation, ticker H, has bounced of it's support level sitting at just $106.6 and it's moving up.
I love buying stocks which bounce from it's previous supports, especially when this support is acting as it's previous high.
Things to consider with this trade idea:
1. My Stop Loss will be placed below the support line, around $103.45 level, this level seems to be the best one in my opinion. Why? It will be around 200MA line, so if the price drops heavily to that level, we will most likely see a break of the moving average line.
2. Price level sitting at $117.85 is the first level I will be watching, I will either be adding to position or preparing myself to exit, depending on the price action.
3. Next price level, the ATH price, sitting at just $124.88, if the stock reaches this price range and show signs of good and healthy uptrend, I will surely be adding to my position.
This is just my piece of thought, please do your own due diligence.
