OSTK has been sold down to a major support level that it has only seen once before. After reaching this level, there was a green daily candlestick hold leading me to believe this support level is a bottom and will create a bounce to the $13 range. My stop alert will be set for $9 area if invalid.
OSTK is very volatile. It could bounce between 10 and 13 several times, letting you make this trade more than once.
pederses
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What timeframes are you expecting to hit your target? Tomorrow, monday, sometime next week? It's the one detail you dont explain on these charts. From what you drew it looks like maybe the end of next week?
BBTrader29
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@pederses, I am swing trader, so i'm looking to take trades that will take anywhere between 2 days and 2 weeks. In some cases it may take longer if its trending slowly. Based on how OSTK moves on a daily and weekly range, i expect it to take 1-2 weeks. It is a 25% target profit potential but this stock can move 10% per day. I adjust my trade the longer it takes accordingly, based on new price action
pederses
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@BBTrader29, thanks for the clarification. I like your ideas and wanted to make sure I understood them correctly.