I think the chart says it all. Nice consolidation for a few weeks here. I'm looking for this to breakout to the upside out of this box. I'll be looking to start a position over $107.50 if it can break with volume and the general market is still looking good. If it breaks the box to the downside and has a substantial close below the 21 EMA my thesis is wrong. Ideas, not investing advice.
Trade active
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5/28/2020 - Opened a 1/4 position in this today based on a hammer reversal yesterday. Early entry of $100.60. We'll see how this plays out. Will add to position if it can get over original identified entry of $107.50. My stop will be below yesterdays low.
Trade active
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6/1/2020 - I have added to this trade to bring it to a full position when it crossed over my original entry point of $107.50. Now looking for new all time highs. This is a swing trade for me so I'll take 1/3 off with a 10% gain, another 1/3 at 20% and let the remaining 1/3 ride until there is a reason to sell. My stop remains under $93 but. I'll start trailing it after a 5% gain so that I cannot take a loss after that.
Trade closed manually
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6/4/2020 Closed this trade for a small loss as it's not doing as I expected. I'll keep an eye on this one to see if it sets up again.