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A good short signal, given the general market sentiment at the moment. The correction in the markets forces to reduce the positions of investors in risky assets.
We expect the price to fall to the level of 5-6 $
DEPO seems getting ready for an upward break. It has really good insider buying from CEO & President. For aggressive entry we can consider getting in here or we can wait for the break of $9.03 for breakout confirmation.
* Trade Criteria *
Date First Found- January 11, 2018
Pattern/Why- Breakout trade
Entry Target Criteria- Breaks above $8.57 for aggressive ...
Bullish Divergence with price lowest since Dec 2013. Bullish Candle Reversal. Price in the 1.13 - 1.27 fib extension. And AB=CD. Connors RSI Again oversold.
It should start moving north since it is at the bottom and very oversold!
These are the set ups we trade for. Connors RSI hit a low of 6, signaling possibly over sold. (Green rectangle). We have " near perfect Butterfly and a PERFECT 38.2 AB=CD that has completed inside this Butterfly.
Price is trading at it's 52 year low on pretty good volume.
Elliot Count preferred says this is beginning of new Wave 1. Alternate count would it ...
Significant % of institutional shareholders, 79% to be precise.
TARGET 1 Price: 22.57 Profit: 19.5% (Typical rally)
Stop/Trailing Stop: 18.08 Loss: 4.2%
P/L Ratio: 4.6 : 1 - Excellent
wait for break
$DEPO weekly chart formed bullish Gartly, there is no strong support analysis from professional analyst, but I like to watch this when it test the support around $10 area.
notes on chart