This stock entered my watch list due to the large volume spike on July 15. This occurred what looks like the beginning of an uptrend out of a consolidation zone and has broken above the 200 SMA. With Earnings just around the corner (July 30), this leads me to believe smart money is loading up for a nice run.
Using fibonacci extension tool on the first wave, we can see that price has pulled back to the .382 level. This also is the area where price reverts back to the mean of the 21 day EMA. I wouldn't mind to see a hammer form over the next couple of days that dips down to the 200 SMA. If so, I will tighten my entry and exit around that candle. I'm using the Fib Extension to create 3 potential targets
Entry: 68.45 (above July 16 candle)
Stop: 66.97 (below 200 SMA)
Fib Extensions
Target 1: 71.31 (100)
Target 2: 72.65 (1.236)
Target 3: 74.83 (1.618 - Note this is the long term target which comes close to the High we saw in Jan 2015)
Using fibonacci extension tool on the first wave, we can see that price has pulled back to the .382 level. This also is the area where price reverts back to the mean of the 21 day EMA. I wouldn't mind to see a hammer form over the next couple of days that dips down to the 200 SMA. If so, I will tighten my entry and exit around that candle. I'm using the Fib Extension to create 3 potential targets
Entry: 68.45 (above July 16 candle)
Stop: 66.97 (below 200 SMA)
Fib Extensions
Target 1: 71.31 (100)
Target 2: 72.65 (1.236)
Target 3: 74.83 (1.618 - Note this is the long term target which comes close to the High we saw in Jan 2015)