Buyers want this stock and every time it has hit the 23EMA we have seen this shoot up. The trend is still in its early stages since it came from a longer term consolidation but it appears to be very strong. Once the stock broke out on strong volume on Jun 25th this has been a strong stock. We are seeing that every time this stock has hit the 23EMA the ATR has been declining and then shoots up and then settles for its next move higher, basically a textbook healthy uptrend.
Bear case is that volume is somewhat lacking but only price pays and recent volume was the most we have seen in years which could mean a change in character.
Personally I would manage risk just below the 23EMA to have a little cushion since it is a area of interest not a hard cutoff. This stock could really run since the uptrend is very new.
Bear case is that volume is somewhat lacking but only price pays and recent volume was the most we have seen in years which could mean a change in character.
Personally I would manage risk just below the 23EMA to have a little cushion since it is a area of interest not a hard cutoff. This stock could really run since the uptrend is very new.