This stock is drooped to reach support level with fading down momentum. I can recommend trading this stock in only one conditions " if the price go up in high volume and reach or cross the level of 262 $ and pullback in low volume" in this case the stock might form reverse head and shoulder pattern which will increase the probability for this trade to success or it might not form this pattern but still it will consider good swing trade if the above condition satisfied.
The setup of this trade is as follow:
- Entering price = 262
- Taking profit = 296
- Stop loss = 250
Note:
I think this movement will be a start of new bullish wave which will go higher than 320 $ in long run which is the highest value the stock reached, but as swing trader it will be good to block your profit at 296 or about, and if the price goes higher than that move your stop loss beyond 296 and if it reverse then you already win some cash.
The setup of this trade is as follow:
- Entering price = 262
- Taking profit = 296
- Stop loss = 250
Note:
I think this movement will be a start of new bullish wave which will go higher than 320 $ in long run which is the highest value the stock reached, but as swing trader it will be good to block your profit at 296 or about, and if the price goes higher than that move your stop loss beyond 296 and if it reverse then you already win some cash.