Coloplast - ready for new uptrend?After an accelerated trend channel during the first 6 months of 2020, the stock has made a bullish retracement flag marked by the red channel. Last week and today it has shown the strength to break out of the bullish flag formation, and looks technically ready for a new bullish rally.
0QBO trade ideas
Coloplast: Watch for break of black resistance line at 818 DKKColoplast is in a solid uptrend that goes years back. However, this resistance needs to be crossed in order for it to go higher. One could then wait for a small retracement to the black line that then needs to hold as support for it to bounce further up to 900 DKK
High Risk Reward, Conditional Long on ColoplastAs long as there is no daily close below 425, BUY on a breach (confirmed by daily close) of the blue line. STOP below the hammer in the 420-425 area. Tighten stops when the 480 area of trendline resistance is reached. Speculate on a breach of these trendlines but dont be too patient with it. TARGET 560-580 for a conservative target or 600+ for a more aggressive approach.