*** Long but not quite yet. Read the notes below. Watch this one very closely over the next few days.
COVID Play - This company produces PPE supplies.
COVID numbers should be climbing, regardless of vaccine progress, there will be demand for PPE.
Almost ready for a long.
If this count is right then short term it has one more visit of the 9.06 - 10.54 area.
If my count is wrong and breaks the current downtrend resistance from 11/05 then we head higher from here.
Note the strong rejection higher from 10.54 on 11/09. Price came back to retest then a few strong days but breakout attempt failed just under the 50ma.
This is one to watch very closely. If the trend continues back to that buy zone again and retests 10.54 I consider this a strong buy.
Especially if RSI and Stochastic match up in oversold. Note the price action back from June when that occurred.
A double bottom at 10.54 soon would not surprise me a bit. Falling diagonal to complete wave 5. Followed by strong ABC correction.
If this is all accurate then a strong correction could easily get this back to $22-$24 range.
Also on the fundamental level, this company has a float of under 20m and a float short of over 30%. That's the ingredients for a rocket. Hence the previous spike high of 43.92 on 02/28/20.
Trade idea:
Confirm with price action, RSI and Stochastic.
Long from 10.54
Stop Loss below 9.06 (low from 06/05/20)
3/1 R/R = 15.16.
T1 - 16.27 (.382fib and 200ma)
T2 - 19.80 (.618fib)
T3?? - 25.53 most recent high...remember rocket ingredients noted above.
COVID Play - This company produces PPE supplies.
COVID numbers should be climbing, regardless of vaccine progress, there will be demand for PPE.
Almost ready for a long.
If this count is right then short term it has one more visit of the 9.06 - 10.54 area.
If my count is wrong and breaks the current downtrend resistance from 11/05 then we head higher from here.
Note the strong rejection higher from 10.54 on 11/09. Price came back to retest then a few strong days but breakout attempt failed just under the 50ma.
This is one to watch very closely. If the trend continues back to that buy zone again and retests 10.54 I consider this a strong buy.
Especially if RSI and Stochastic match up in oversold. Note the price action back from June when that occurred.
A double bottom at 10.54 soon would not surprise me a bit. Falling diagonal to complete wave 5. Followed by strong ABC correction.
If this is all accurate then a strong correction could easily get this back to $22-$24 range.
Also on the fundamental level, this company has a float of under 20m and a float short of over 30%. That's the ingredients for a rocket. Hence the previous spike high of 43.92 on 02/28/20.
Trade idea:
Confirm with price action, RSI and Stochastic.
Long from 10.54
Stop Loss below 9.06 (low from 06/05/20)
3/1 R/R = 15.16.
T1 - 16.27 (.382fib and 200ma)
T2 - 19.80 (.618fib)
T3?? - 25.53 most recent high...remember rocket ingredients noted above.