This is moving higher as it breaks its most recent resistance, making it the new support.
My target is 5.45 - we're coming up to a long term high established back in January 2021 at ~$5.52 and that reeks of resistance!
Scenarios:
1) Tests ~$5.52 and is rejected to retest a lower support/resistance level before climbing back to retest $5.52
2) Tests to ~$5.52, is rejected and the stock starts a downward trend, looking for support.
3) Breaks out beyond 5.52 and continue it's climb
I'm thinking scenario 1 or 2 are the most probable and taking profits is the way to go. If it turns out to be #1 then I can buy in after its retracement.
My target is 5.45 - we're coming up to a long term high established back in January 2021 at ~$5.52 and that reeks of resistance!
Scenarios:
1) Tests ~$5.52 and is rejected to retest a lower support/resistance level before climbing back to retest $5.52
2) Tests to ~$5.52, is rejected and the stock starts a downward trend, looking for support.
3) Breaks out beyond 5.52 and continue it's climb
I'm thinking scenario 1 or 2 are the most probable and taking profits is the way to go. If it turns out to be #1 then I can buy in after its retracement.
Trade closed: target reached:
I met my 5.45 price target and close my positions. Looks like it's following scenario #1 (at this time).
I'm not a financial advisor and I'm not offering financial advice. Everyone should do their own homework before making any decisions!
Good luck and I'm always interested in what you think.
Good luck and I'm always interested in what you think.
