The downtrend was triggered after the 52 week high (Jan 27th) and traveled down passing the strong support level at $20.65. On May 11th, the Stochastic Oscillator indicated a trend reversal. The price is now near its 4 month strong resistance level at $27.50. Expecting the price to begin retracing from this point down near the support level around $21.15 (assumption based on Fib Retracement). Waiting until it hits this level would be a wonderful entry point to catch onto the uptrend wave and ride it!
Comment:
...and like clockwork the price has begun retracing after hitting its resistance. Besides the lowest potential buy zone at $21.15 as mentioned in the initial post, I believe the stock could settle at $22.60 before rallying up (assumption based on Fib Retracement). So, if the $22.60 cannot hold then the stock has a high probability of reaching the low 20s.