Reasoning
- Consolidation seems done
- Correction is not overextended
- Good Relative Strength
- Great earnings
- RSI tested bullish range multiple times
- Multiple Bullish Days
- Always try to use 2 timeframes
My Would Be Trade Plan
- Risk about 1.5ATR and aim to ride up to 4.5ATR (1:3)
- Raise stop once Trade moves 2ATR in your direction
-...
ATI is part of the XME sector and has stronger price action than the sector.
Perhaps some doubletop price action here after testing the earnings spike. However, with XME setting up to break higher, ATI looks to benefit with already strong price action.
G/G trend with RAF at extremes. 13/21 propulsion dots indicate strength trend.
Vscore support at this price...
Price has left the down channel which has been contained for quite some time on this Weekly chart
This could be the beginning of a new bull move
Its best to look at this on a Monthly chart to assess whether this bull move will continue
Watched $ATI punch through that down trending line Friday.
50 MA right above. Couple sessions of sideways here will confirm supply drying up and potentially sets the stage for the resumption of the uptrend (orange bars what i would like to see).
I've watched $ATI wedge up back to its 50 MA the last few days and today's action corrected that wedging action and improved the setup.
Price needs to hold around these levels and start making its way back to capture that 50 MA.
Interesting setup to watch.
This trade is great because you can see multiple levels of resistance that it can reach up to. When SPY recovers if this stock can maintain heavy volume on compression you could see an easy $2 winner here at least. The exit will likely be unclear as it rebounds off resistance once or twice and then drifts into a new trend.
Entry: $20.41
Exit on loss of relative...
ATI STOCK started to move the moment we broke the resistant , now we have to hold above our SP above the 16.97$ to confirm the bullish momentum and go to our PT at :18.07/19.20/22+.
Potential gain:25%
Reward/Risk:4
Timeframe: 1-3 months
I always try to present the charts in a simple comprehensive format to prevent any confusion.
This is just my technical view, neither a fundamental comment,nor a recommendation to trade..!
Please review my track record and calculate the odds for yourself..!
You’re likes and comments encourage me to...
