FNKO -> IPO Base

NASDAQ:FNKO   Funko, Inc
FNKO was coming out of a broken IPO base. It rallied 50% off the lows and continually made higher lows (a constructively pattern for a long position). There was increase volume as the stock started to base out in March- on the left side of the base. As the stock made its way through the base pattern, volume dried up and price volatility contracted, again constructive signs to initiate a long position. At this point in time, the 50MA was increasing + below the stock price signifying the medium term trend is upward. Now its just a matter of finding an entry point. A low risk entry would have been at the EMA Crossback (reference made to Oliver Kell)

The trade is immediately in profit and doesnt test the stop loss at all. (position is validated from the start). The chart identifies areas to take profit at the 10EMA extensions


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