Reasons: 1. Low-risk entry point 2. Confirmed stage 2 uptrend 3. Coming from a cheat area with a pause pivot 4. Dried-up volume, indicating all the selling has been exhausted 5. The stock is up 380% since the IPO, very strong leader 6. More stocks are setting up and breaking out
Flaws: The market is still in a hard-penny environment with only 31% of total stocks above the 200-day MA
I like to see more constructive price actions and perhaps build the handle at around 8250 area.
Trade closed: stop reached
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I got knocked out of my position today at 2% loss.