I closed CSIQ with some small loss, I didn't like how the stock acted once it broke the previous known resistance. I am also monitoring DORIAN LPG for closure if it doesn't start reversing on the current drop. I know you are not here to read about my missed trades but to find an idea where to go next. New stock which IPO-ed in October 2021 is currently on path to break it's resistance zone sitting at $25.33 level.
Some things to consider: 1. The resistance level is a bit bigger than usual, it goes from $25.33 to $26.77 level, so I am considering in adding to the position partially. 2. My first, smaller buy will be made this week surely. I am watching the stock and aiming for the $25 level for first potential buy. 3. I plan to add smaller positions all the way up, of course, that is if the stock goes up. Next buy level will be around $25.5 4. Exit plan will be set at $21.5 price level, which is just below the 10SMA on Daily level. 5. Next big adding point for me would be break of the $27.54 price level, since this line represent a significant resistance level. That level extends all the way up to $28.26 price level. 6. The last and the most important note is that the pattern we are having right now, known as double bottom, is about to break. If it breaks, nice run of the stock is to be expected.
Of course, as always, this is not financial advice nor I am eligible to provide some. This is just my two cents. Happy trading guys.
Chart is bullish, double bottom with handle on a rising trend. However, she tested the resistance twice and got rejected twice. Second time today, a red day, on a raising volume. Is she maybe going lower (19 or 20), retesting the uptrend line to regain energy?
De_Banis
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@StefanoPoloni, the price is still testing the resistance zone. What I find good about those tests is that the price doesn't reject this level hard, it just pushes off of it and falls then immediately goes back to regain it. This is bullish for me, eventually, it will break the level and never come back to it.
STFNPLN
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@traders_rs that’s right, but looking at all factors the market conditions may not be beneficial. Nasdaq futures are definitely over bought and due to a pull back. I guess today FLNC will answer the question.