NTNX has formed a triangle for about a month or so and it has just recently begun breaking out of it. MACD and RSI look promising even though they aren't giving any signals. Volume looks pretty good. Other analysts (according to MarketWatch) are also agreeing that this stock is a buy.
My prediction is that it will rise to hit 50 EMA, retrace a little, and continue on upward. The retracement might be a place to add to the position.
Risk, however, is somewhat high. If we set the stop-loss to where the top line of the triangle is ($16.30), the risk is ~9%. The reward is pretty high though, so I will take a medium-size position on it.
My prediction is that it will rise to hit 50 EMA, retrace a little, and continue on upward. The retracement might be a place to add to the position.
Risk, however, is somewhat high. If we set the stop-loss to where the top line of the triangle is ($16.30), the risk is ~9%. The reward is pretty high though, so I will take a medium-size position on it.
Trade active:
I'm gonna HODL and hope this is just a retracement.
I'm gonna set my stop-loss to $15.70, giving me a risk of about 11% for the trade. Although it's pretty high, the risk to reward is still reasonable.
I'm gonna set my stop-loss to $15.70, giving me a risk of about 11% for the trade. Although it's pretty high, the risk to reward is still reasonable.
Trade closed: stop reached:
Welp
It hit $15.70 and I'm out.
Total loss was about ~9.5%
I am also in a position on SPOT so my account didn't take that big of a hit.
This might be a good place to buy for others, but I'm cutting losses here
It hit $15.70 and I'm out.
Total loss was about ~9.5%
I am also in a position on SPOT so my account didn't take that big of a hit.
This might be a good place to buy for others, but I'm cutting losses here
Comment:
Looking back I should have seen it bounce off the trendline and kept my position