ANY - Oversold Gap Swing Play Idea
With one green candle under its belt, we are looking for the opening of a green
candle on Wed as confirmation of a bullish trend reversal out of RSI oversold
territory. The MACD has already issued a recent buy signal. As a swing play, #ANY
could possibly fill the gap to .89
Canada software stock $ANY has come into long term support and has the wedge pattern I look for. Bullish RSI divergence. I could see a company like this throwing the name "blockchain" into their name and watch out to the upside.
ANY seems breaking out of an downward channel. It looks very interesting as short recently.
We would consider entry here but break of channel formation would be key to further continuation.
* Trade Criteria *
Date First Found- November 9, 2017
Pattern/Why- Downward channel breakout. Fallen angel pattern
Entry Target Criteria- Break of $2.87
Exit Target...
in the daily time frame we can see clear divergence in the chart and can see the reduce incline , the trigger for find this is end of fall is increase volume and break out the last minor peak. if the minor peak break out we have very good buy opportunity with good R/R
This is a penny stock so beware. Put your stop in about .20!!!! do not risk more then 1R on this trade or any penny stock trade, EVER!!!! If you don't know what a R is then please do not trade penny stocks.
I'm going to hold to .80 (200 day moving average) and keep a tight stop on this baby.
ANY is in the middle of a strong downtrend but i'm looking for a potential wave up and a good chance to break this descending channel to the upside. A strong breakdown under the rectangle posted on chart invalidates this setup.
