Datadog, software company, after posting good results from end of November is finally becoming a nice bull run prospect for me.
What will I be looking at:
1. On Daily time frame, I see a huge Cup and Handle formation, 155 days long to be honest, and it's just making it's Handle break. So entry point for me would be tomorrow's price most likely since the market closed and somehow I missed the initial break of Handle and the Resistance level sitting at $118 price level.
2. Once I enter my position, first thing I always consider is where to get out if my analysis is wrong. So, stop loss level will be sitting right below 21EMA (orange one), but this could be tricky since price I am watching is good stop hunting price, good round number of $12. So, I will put my stop loss around $111.57 level.
3. Possible adding to the position will incur around next resistance level, sitting in ranges between $130-132 price level.
I will surely be updating this analysis as the time goes by, but this one could be a nice runner.
What will I be looking at:
1. On Daily time frame, I see a huge Cup and Handle formation, 155 days long to be honest, and it's just making it's Handle break. So entry point for me would be tomorrow's price most likely since the market closed and somehow I missed the initial break of Handle and the Resistance level sitting at $118 price level.
2. Once I enter my position, first thing I always consider is where to get out if my analysis is wrong. So, stop loss level will be sitting right below 21EMA (orange one), but this could be tricky since price I am watching is good stop hunting price, good round number of $12. So, I will put my stop loss around $111.57 level.
3. Possible adding to the position will incur around next resistance level, sitting in ranges between $130-132 price level.
I will surely be updating this analysis as the time goes by, but this one could be a nice runner.
Comment:
I've meant to say just below the previous low, apologies.
Best price for SL, by my opinion would be somewhere around $122.36 level, which is just below the 21EMA on Daily chart.