The reasons: 1. Low-risk entry point 2. The stock offers the first buyable base after an IPO 3. Tight pivot level/line of the least resistance 4. High relative strength stock 5. It acted strong against the general market
The flaws: 1. The general market is still in hard-penny environment 2. Most individual setups I personally trade don't work out well in the past months
The stock closes good with a decent volume on the breakout. I want to see some constructive action in the upcoming days.
Trade closed: stop reached
⋅
I got out incrementally at avg of -5% loss in this trade.