On April 22, 2024,
IOT
showed its first reaction at its MA-150/200 and closed the session at the high.
During the last 5 sessions, from April 16,
IOT
formed a small possible bottom pattern when it did not make the new low while the general market
SPX
NDX
did so.
Therefore I think we can try an early entry here with the stop 1%-2% below the low of this session, which are also below the MA-200.
IOT
showed its first reaction at its MA-150/200 and closed the session at the high. During the last 5 sessions, from April 16,
IOT
formed a small possible bottom pattern when it did not make the new low while the general market
SPX
NDX
did so. Therefore I think we can try an early entry here with the stop 1%-2% below the low of this session, which are also below the MA-200.
Trade closed: target reached:
We closed the trade at the end of the April 23 session as it reached our target around MA-20
With 5 up sessions from the bottom, it is hard to open a new position here. Let’s look for any pullback in this stock this week.