1. Stock broke the 50 day MA on May 7th, closing at $42.68
2. Stock Reached 20 on May 20th, closing at $38.41 making a 1st Low of $38.18 with 20 .
3. Stock made a 2nd new low on May 22nd of $37.87, closing at $38.05 with reversing upwards to 30 .
4. Market shows sign of reversal on May 23rd, closing at $39.10, 2.76% higher than May 22nd.
5. If stock breaks May 22nd high of $40.68 within the next 5 days, upward reversal should be valid.
6. At this point entry should be about .5% higher than May 22nd high of $40.68, so at $40.88 if reached by May 30th.
7. This reversal will be invalidated if stock makes a new low by May 30th.
8. If this reversal is Valid, stop loss should be anywhere between $35.87-$37.61.
9. With validated reversal and a of $51.15, this should have a 1 to 3 profit vs risk level, so about 8% risk vs 25% profit.
10. should hit within the next 3-4 weeks.
However, stock did open at $42.99 so day traders definitely took profit. Going to monitor this all day to see where it goes.