Could expect to see a big move either way once supply zone is tested.
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** Not Financial Advice Watching next week for an attempted break of the bottom trendline on the channel. The reaction at that point would set up two low risk entries.
1. Price is rejected by bottom trendline - Short entry with a low price target of $18.26 and high price target $17.62. Stop at above demand depending on entry point (highest stop risk would be $21.66, lowest stop risk at $20.99)
2. Price breaks back into channel - Long entry with stop tightly underneath a break down below and out of the channel
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Root on a failed re-entry of previous demand could possibly look to hit lower short entry target of $17.72 with a confirmed rejection
Trade closed: target reached
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Short position entered at failed re-entry to channel @$20.40.
Price target reached at $17.62
Hitting that profit target of $17.62 within $0.02 of the weekly low was exciting to say the least.
Thanks for this I had been looking for some direction on this consolidation and just didn't widen the timeline back to IPO to get that top line through the channel. Very interesting that the point of that wedge almost perfectly lands on and Earnings annoucement. Boom or bust time!
rickhubbard10
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@WTFpattern, no problem. Bounced up off that line today pretty well. That sideways drift on the daily + the low volume could be indicating the supply at these levels has come and gone. I personally always look for a supply based breakout to the upside rather than a demand frenzied push to the upside. Much safer to trade/much more predictable