Recent 35% gain was not a joke and still remains bullish to me but earning is coming in 7-days and everything can fall apart and take us back to Feb low but that shouldn't scare us to exit this position but scale it down.
break below wedge - bad sign but on a low vol day gives the move less impact on my conviction. Looking forward to getting back to regular action in the new year.
like the way its acting. constrained ascent, large short interest. could break below pitchfork but a confirmation above wedge over 61, into next pitchfork lines and toward the first fib line could setup a decent squeeze.
* Market in correction
* AMBA in correction since July
* Which way will AMBA break out of this triangle?
* Next swing support points around 50 and 45.50
Ambarella Inc. has a very nice trade setup in the daily chart.
We can enter at market with a tight stop, so I think it's worth it to take this trade.
You could initially book partial profits on a daily high retest to make the trade risk free and aim for the time and price target on chart.
Estimated time of arrival is by December 31st or sooner.
Good...
