Approach this with extra-care, allocate less than usual, and take profit fast.
This is a penny stock and a high-risk / high-reward scenario.
Clear 6-month uptrend Support with a Bullish Pennant formed within.
Target price set at a new potential resistance line.
I suggest entering a Buy Stop order. If the stop price is not triggered, I wouldn't try to chase a dead-cat bounce. Keep Stop Loss tight and adjust accordingly to protect profits.
- 6-month uptrend
- RSI + Stoch above 50
- MACD above Signal.
Suggested Entry $3.10
Suggested Stop Loss $2.96
Target price $3.42
Note that I tend to adjust stop losses in order to secure profits early and preserve capital. This means that the target price is going to be achieved as long as there are no strong pullbacks that trigger my new adjusted stop loss.
This is a penny stock and a high-risk / high-reward scenario.
Clear 6-month uptrend Support with a Bullish Pennant formed within.
Target price set at a new potential resistance line.
I suggest entering a Buy Stop order. If the stop price is not triggered, I wouldn't try to chase a dead-cat bounce. Keep Stop Loss tight and adjust accordingly to protect profits.
- 6-month uptrend
- RSI + Stoch above 50
- MACD above Signal.
Suggested Entry $3.10
Suggested Stop Loss $2.96
Target price $3.42
Note that I tend to adjust stop losses in order to secure profits early and preserve capital. This means that the target price is going to be achieved as long as there are no strong pullbacks that trigger my new adjusted stop loss.
Trade closed: target reached:
1.52% profit.
Secured a small profit after realizing strong seller pressure.
Secured a small profit after realizing strong seller pressure.