Toromont TIH - Looking for move to top of channel - $80 Target0. Chart looks like it wants to move back to the top / middle of the current channel.
1. Will be watching for movement back towards the top of the channel or a breakdown for a better entry closer to $60;
2. Company Blurb - Toromont Industries (TSX: TIH) is a diversified growth company with a clear objective: increase shareholder value by driving consistent and profitable earnings growth over the long term. For more than 20 years, our Company has met this objective while developing enduring shareholder and customer relationships based on a foundation of performance excellence, innovation and trust.
3. Could be a strong addition at the $60 to $65 level to add to a diversified portfolio.
- drchelsea
14T trade ideas
A lot of Upward Momentum in TIH.TO (Candian)A lot of upward momentum. Watching for a break above this consolidation. No trade yet.
Consolidation could continue for a while so no exact stop loss level yet, but if the long trade triggers it will go below the consolidation.
Like the ATR Stop trailing stop loss exit on this one. Wait for a daily close below the ATR line, then move stop loss up to just below the low of that day.
It has been a pretty shallow pullback so far, so there is the possibility a deeper pullback could develop. If that occurs, I will be watching for another consolidation or rounded bottom pattern a little bit lower. Trend is still up even if we get a bit deeper pullback.