$ACMR On Breakout Watchlist

ACMR has been in a Stage 1 Base for about 9 months now. Then It got an upgrade to Buy on July 3 and broke out above the latest area of resistance as well as over the 18 Month AVWAP. It then pullback on lower volume (textbook) and is now ready to retest that breakout area once more. I will be looking to go long on this with an entry set-up on a lower timeframe (I use a 5 min and look for a MACD cross on a 6 / 20 period setting). My stop, if the trade triggers will be very tight no more than 2% of the trade, tighter if I can.

Ideas, not investing / trading advice. Constructive comments always welcome. Thanks for looking.

July 3, 2023, ACM Research's ACMR shares rose past 11% in recent Monday trading after Jefferies upgraded the stock to buy from underperform and raised its price target to $23.40 from $9. Trading volume stood at about 1.3 million shares against a daily average of 571,000 shares.

Trade active:

I opened a 1/4 size position as it seems to have bottomed for the day. I am in @ 13.43 and have a very tight stop just below today's low. This is a bit of a cheat entry but it won't cost much if it fails. I like it right here on the MAs. Let's see what happens. Remember, these are my ideas. If you follow it's your money. Trade your plan.

Trade closed: stop reached:

Well, that didn't work out. Stopped very small loss. Still on watchlist.

Comment:

I went long ACMR today after this big pullback and what I'm looking at as a consolidation area breakout. I have a tight stop as this could also be a bear flag. But I like the risk reward here should it takeoff. All TBD.

Comment:

ACMR Is back on my action list. It has been on a consolidation for weeks now and looks ready to break-out again. All TBD. I have an alert set on the upper line of resistance. I'll have to see how it plays out.