Dean chance is in 1/3 of his position at 86.03. VWAP is at 85.55... MIGHT be a concern but there is a nice long day candle on the 15 min chart. Showing bearish volume and currently a small white candle formed. If this doesn't trigger in 30 mins.. I might re-evaluate. I do want this trade to work semi quickly if it does trigger.
GOAL, lose less than 1R
:)
Fundamentally this company is in rather good shape, just take a look at the balance sheet. We are all well-aware of the demand of IT security, it's now being openly discussed on television from the likes of people like our own president! I digress.
From a TA perspective, it did not break the bottom trend-line (Red Line) and I do not account the 'Flash Crash' of...
CHKP reached a high in 2000 of $118.64 and then fell into decline. The move back up has been unsteady so not a great stock to trend trade over the longer-term. But since late October (which retested the 2012 pivot high) the momentum to the upside has become more linear.
With yesterday's bar being very bullish (on higher volume) the uptrend looks set to continue....
Rounded top is a classic bearish pattern if you identify correct, and this bearish pattern on this security has a measured move to $42 area with stop loss at and around recent swing high at 48.50. Join us www.woowtrading.net
