I’m not entirely happy with this play, but based on the volume and other factors on the chart, I’m going to go with it. The good: price is bouncing off the top of the cloud and is above the conversion line. The not-so-good: it pegged the conversion line, but didn’t close over it. So the conversion line may pose some resistance. Entry will be just above Friday’s high with a protective stop just below the low.
It is constantly riding the 12EMA, and when it gets too extended, it typically bounces on the 50MA. I see a weekly equilibrium, but target about $25 in January 2020.
webman9113
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@Barkworth, Interesting! For my part, I’m only planning on relatively short term trades, and I mostly use the Ichimoku chart nowadays. It’ll be interesting to see what this one does this coming week.
Barkworth
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@webman9113, so far, so good. Looking pretty bullish. I studied your chart a bit, and see why you like it. I use a Gann box and EMA gradient. I think it is more or less the same principle.
Gann box shows we're at resistance right now, may see a pull back. Hoping it'll move upward toward the $16 range over the course of July. Keep an eye on that 50MA, not to get left behind. This stock can be notoriously volatile for a few minutes, then stabilise and work its way back up.
Barkworth
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The 50MA is the blue line on my chart. The yellow is the 12EMA :-)
webman9113
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@Barkworth, Ah, I see. So, I’m happy with its progress so far. It’ll obviously have to push past 14.90. If it manages that, it should have a good chance of taking out the previous high. We’ll see. If it manages to trend a bit, my exit stop is the base (dark red) line.
DACapitalTrading
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Amazing setup, keep it up and leave us a like aswell mate :)