APPN trade ideas
$APPN Appian $300+ by mid 2021Staircase pattern should have brought the second leg up to $300. Oversell because of the weak market should result in overbought territory as drawn in the green triangles .
- Be cautious for more downside due to the markets rolling over, further downside can destroy this Technical Analysis
$APPN - Target$APPN
Mapping out a target for $APPN. The wave counts seem straight forward but the forecast is challenging especially with the fear of a looming correction.
The RSI seems to align with a wave 4 but the MACD and engulfing candle suggest a continuation of wave 3. Technicals and Oscillators have the same conflict.
Price is above nicely aligned EMA’s and Vol profile can provide support. Possible C/H in progress.
NASDAQ:APPN
APPN forming a pennant; possible breakout soonAPPN is forming a pennant, which is considered a continuation pattern. Volume has weakened throughout the pennant, which is in line with the formation. If there is a breakout to the upside, the move should be at least 1/2 the length of the flagpole, which means we would probably revisit ATH. This doesn't need to happen overnight (and doesn't need to happen at all although the bias is continuation of the previous trend) so we should monitor the price from here. Also, the last touch on the pennant lower line conicided with the .5 fib retracement level, which provided extra support. I have a position in APPN and am looking to add more at these levels with a tight stop loss below the lower line of the pennant.
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***THE IDEAS SHARED HERE ARE MY OPINION. THIS IS NOT FINANCIAL ADVISE TO PLACE TRADES. PLEASE DO YOUR OWN RESEARCH AND ANALYSIS BEFORE BUYING/SELLING STOCKS.***