Overview:
The last six months price is trading in horizontal channel with support at $23 and resistance $28.50. Recently, company released its earnings, and estimates were higher than expectatoins. Probably, a good catalyst for continuation move higher. Now, it is constructing a bull flag.
Trade- and risk-management
The price has already triggered an entry at $27.60 with STOP below $26.60. If price will break above $28.50 with volume above average - that will be additional entry. Mid-term target $31.50 which makes this trade attractive from Risk/Reward perspective (1:4).
The last six months price is trading in horizontal channel with support at $23 and resistance $28.50. Recently, company released its earnings, and estimates were higher than expectatoins. Probably, a good catalyst for continuation move higher. Now, it is constructing a bull flag.
Trade- and risk-management
The price has already triggered an entry at $27.60 with STOP below $26.60. If price will break above $28.50 with volume above average - that will be additional entry. Mid-term target $31.50 which makes this trade attractive from Risk/Reward perspective (1:4).