AALE bounce from major trend

46 0 0
This recent IPO Found some support in $48-49 area after a controlled pullback from double top @ $55ish area. Uptrend is still intact from low $40ish area which was the sell off bottom after company became public.

This security company is component of S&P500             and with spy             building an upper level base in front of highs and preparing for break up this stock could be a reasonable buy.

Entry long is here @ $50 which was a Friday's close as it confirmed support. I will add if it will go through resistance trend line close to $52. Stop below friday's low @ $48.67 make sense.
Target is $55-56 area where it put double top . I don't think that it was our highs of the year.

I like that company doesn't have debts and won't be vulnerable to interest rate environment and operates in stable and large industry
Поиск торговых идей,
оценка настроений рынка, сценарии и торговые планы.
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