 |
| www.freestockcharts.com |
Looks like a double bottom of sorts. These are easy to trade, buy on a break of the left lip (the top horizontal line. Price target is obtained by taking the distance from the lip to the bottom of the formation and adding that to the lip price; in this case it's 31.75. There will probably be some resistance at 25.80 or so, that's the last major high (I marked that with text "RES"). Probably won't need to worry about that but if price stalls there it makes for a good TP. I went ahead and threw a Fib retrace on the chart to see if anything popped out. The 25.80 point is right on a Fib level and 31.75 price target is as well. That's interesting, it reinforces those two as good TP points. Not much else to say about this one, here's some hypothetical trading points.
Entry: Now, 21.00 (Either works, 21.00 make be a slightly more secure entry but I don't think this breakout is a false one)
TP: 25.50, 31.25 (A little bit of leeway here, basically you want to get out underneath the Fib level, wait for a break of the 38.2% (25.80) but not for a break of the 50% (32.80))
SL: 19.30, 18.00 (Over or under the circled area)
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 BCS and do not plan on buying any within the next 72 hours.
No comments:
Post a Comment