1W3 trade ideas
WSP.TO Setting Up For Potential Breakout (Again)WSP has been here before. Pushing at a long-term resistance zone trying to breakout. So far, the breaks to the upside haven't been accompanied by much of a volume increase. I had to get out of this one last time when the price spiked but volume stayed low and the price collapsed back shortly after.
Trade entry and stop loss are hypothetical at this point. Likely to see a bit more consolidating, and only then will I know my entry point and stop loss based on that consolidation and breakout price. I also want to see the volume increase this time, so this trade has NOT triggered yet. Assuming the entry is somewhere around 75.50, the target is valid. Can also use a trailing stop loss.
Careful, lower volume stock.
Disclosure: No position yet.
WSP Global Breaking Higher (TSX:WSP)WSP is moving out of a rounded bottom continuation pattern this morning, andd closing in on the 2018 highs. Swing trade possibility for an 8% to 15% run based on similar prior patterns.
That puts an initial target near $81 to $82. Trailing stop could be used in case we get a bigger run like in May/June 2018.
Careful: low volume stock. Earnings in early August.
Disclosure: Long