ADTN showed up on my FinViz Breakout Scanner.
Based on Earnings report transcript future is promising as it continues to show strong QoQ sales growth.
Looking to buy the open of 22nd April 2019 or 15.35 which is the previous quarter resistance level which may act as support.
Also RVOL is more than 2.
Stop Loss: 14.50
ADTN broke through moderate resistance to confirm a completion of its short-term bottom formation. ADTN has a previous all-time high of approximately $47.00. Profit-taking is likely as it nears the resistance from the lows of the prior sideways pattern above the current price.
BREAKOUT WATCH for possible breakout above 17.53, no resistance in area just above.
Type: Continuation breakout from single resistance.
Target: 18.59, 8.2% Stop: 16.74 Loss: 2.6% P/L ratio: 3.2 : 1 - Excellent
Breakout has not occured yet but for upward breakout, target price is 17.31 and downward breakout's target price is 12.44. Currently, it looks to be best setup for an upward breakout. Swing traders can short now if they want the intraformation trade and buy when it shows the reversal.