JKS Break of Year Long Consolidation - Long
This company showed a lot of strength this time around last year. Since then it has been consolidating in what looks like to be a giant symmetrical triangle on the Weekly.
Yesterday, it broke the triangle to the upside and fell slightly back inside. Today it broke with significant momentum and is looking to retest on the 1hr chart. Setting a close stop loss under previous higher low in case this is a fake breakout. I will also be watching the RSI on the 30Min and 1H and make sure there are no major red flags.
Yellow Lines on the right are 1st and 2nd Price targets:
T1: $96.50
T2: $125.00
Entry: $55.87
SL: $52.85
RR_1: 13
RR_2:22.5
Yesterday, it broke the triangle to the upside and fell slightly back inside. Today it broke with significant momentum and is looking to retest on the 1hr chart. Setting a close stop loss under previous higher low in case this is a fake breakout. I will also be watching the RSI on the 30Min and 1H and make sure there are no major red flags.
Yellow Lines on the right are 1st and 2nd Price targets:
T1: $96.50
T2: $125.00
Entry: $55.87
SL: $52.85
RR_1: 13
RR_2:22.5
Trade closed: stop reached