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A bit of a channel forming, currently the range is about 26.00-21.20. That's not bad, a 22% move from bottom to top. Important points are the trend lines defining the channel and the 100 day. A downward break could see them moving back to 17.50 which is their current low. An upward break could go fairly high but for safety I would cap it at 29.00-32.00. Trading a channel isn't too difficult. Buy at the bottom after a bounce sell near the top before the price action trades back down. Not much else to say about this one so here are some hypothetical trading points.
Entry1: 21.30 (This is a bounce off the bottom of the channel)
TP: 25.50 (Just under the top of the channel)
SL: 20.80 (Just under the bottom of the channel)
Entry2: 22.34 (Assuming tomorrow doesn't break the 100 day to the downside, this is playing a bounce off the 100 day)
TP: 25.50
SL: 21.75, 20.80 (Either just under the 100 day or just under the bottom of the channel, for this trade I would suggest playing it safe and going with the 21.75 SL)
Either of those trades could be taken with a TP of 29.00 or so but would need to be monitored closely, if the price action fails to break the top of the channel the trade should be terminated. A longer term view shows that the price is currently under the 100 week, a breach of the 100 week could see a move up to the high 50's low 60's. It is probably worthwhile to watch for a break of the 100 week. The weekly chart is below with the channel from the daily chart shown.
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If you have a stock you want analyzed leave it in the comments.
Do your own research before taking any position. I do not currently own any X and do not plan on buying any within the next 72 hours.
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