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.
Trade closed: target reached
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I met my 5.45 price target and close my positions. Looks like it's following scenario #1 (at this time).