1. Break out into 52 wk highs - great for marketing this stock and triggering some FOMO.
2. Break of structure - this market for the first time since its downtrend started, making new higher highs and new lower lows on the Monthly time frame.
3. Three recent above average sized bullish candles.
4. Shy or scarce bearish footprints for the past year with tiny red candles only showing up in this market.
5. Recent breakout above the 10 EMA (M).
Caution though:
1. Current candle is not closed yet.
2. There's a lot of overhead supply.
3. The future is uncertain, price action is bullish NOW ... there's an asymmetry in this market. The odds are balanced on the side of the bulls, however, odds do not equal certainties. The odds of a strong bearish reaction are still there. Pro traders worry about the damage such a reaction would produce on their portfolio before worrying about how bullish this set up could be.
Manage risk. Manage risk. MAnage risk. Manage risk. Manage risk.
Cheers,
Tenacious Tribe
2. Break of structure - this market for the first time since its downtrend started, making new higher highs and new lower lows on the Monthly time frame.
3. Three recent above average sized bullish candles.
4. Shy or scarce bearish footprints for the past year with tiny red candles only showing up in this market.
5. Recent breakout above the 10 EMA (M).
Caution though:
1. Current candle is not closed yet.
2. There's a lot of overhead supply.
3. The future is uncertain, price action is bullish NOW ... there's an asymmetry in this market. The odds are balanced on the side of the bulls, however, odds do not equal certainties. The odds of a strong bearish reaction are still there. Pro traders worry about the damage such a reaction would produce on their portfolio before worrying about how bullish this set up could be.
Manage risk. Manage risk. MAnage risk. Manage risk. Manage risk.
Cheers,
Tenacious Tribe