Price broke out of a lifelong trendine. Had a fake break back in April 2015, and came back under. We break out again, this time for a longer period of time indicating a true breakout for higher. That impulse break out of the trendline, was wave 1. Price retraced to $16 and has been bouncing off the level, showing support. The jump to 25.24 knocked out the previous high, also indicating bullishness. The markets are slowly brewing up a storm for this stock, and while people are scared to get in now, you can see the order flow building on a macro level. Trump becoming president will also fire up the markets, bring the dollar down, and make things cheaper for US good/services across seas. All good news for stocks including this one. Dirt bottom here at 17.17, looking for a run up to 36.79. Would be interesting to see this come around the 38.91 level, which if broken up, then we will see price reach for the 50.14 which is the top of the range from previous price action.
Comment:
Showing the bounce off the secondary support level.
Comment:
Finally seeing a nice bounce off the level.
Comment:
Double bottom