IFRX ready for reversal. Entry point. 8% risk to 25% reward.

This is my first share post. Using this as a swing trade analysis.

1. Stock broke the 50 day MA on May 7th, closing at $42.68
2. Stock Reached 20 RSI on May 20th, closing at $38.41 making a 1st Low of $38.18 with 20 RSI .
3. Stock made a 2nd new low on May 22nd of $37.87, closing at $38.05 with RSI reversing upwards to 30 RSI .
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 resistance level of $51.15, this should have a 1 to 3 profit vs risk level, so about 8% risk vs 25% profit.

10. Resistance level should hit within the next 3-4 weeks.
Trade active: This trade is still active. Looking at the 2 & 4 hour chart. Reversal is confirmed. MACD showing bullish signs.

However, stock did open at $42.99 so day traders definitely took profit. Going to monitor this all day to see where it goes.
Order cancelled: Trade made a new low today. Reversal invalidated. Closing this and going to monitor this stock for the next few days.
Trade closed manually
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