The last couple days, price action has moved the stock higher, but today was met with slight resistance at the 21 day MA. To be comfortable with this trade, I would like to see the price move through this MA as well as make a run at the top side of the BB. I will then look for a pull back before it sets up for a run toward the next MA's. I do not feel there is much downside risk, until the stock trades lower than the previous 52 week low, at which my stop will be placed below. Overall, this is purely a technical trade, and for short term potential. This should be an exciting stock to follow and once we get further into the trade I will re-evaluate with a fresh perspective.
We also need to close the gap from May 23rd.
This trade could go horribly wrong, and the stock could sink. But for now I am playing this one from the long side. We shall see how this plays out.
Everything here is purely my opinion, and in no way advice or recommendations on making trades. I may or may not hold positions in the instruments I analyze.