In the last 12 months III has traded the most shares at $7.12 with over 70% of trades in the $6.15-$9.68 range. Given the current price of $6.27 this looks like a low risk entry point.
An overreaction to EPS brought the price to $5.88, a level which has acted as support and resistance going back to May 2021.
Price was able to close above the .38 fibonacci...
After a double top in November the price retraced approximately 20% and fell bellow the 200MA.
It appears to have found some support at 6 as the MACD crosses.
I would like to see the price close above the 200MA to initiate a long swing trade.
target: 7.43, 8.29
The most recent candle tested the .38 fibonacci level and closed higher than the candle before it. Also the MACD is crossing and the moving averages are all in order. 9ema above the 20ema, 50sma above the 200ma.
The RSI is still low at 57. It looks like III is ready to run.
first target: 8.22
hard stop: 7.25
I like the recent consolidation at the .23 fibonacci level and the double bottom at $5.45. Yesterday's candle tested 3 fibonacci levels to close above the .382 level. The RSI is still cool and then MACD is curling up. Looking for a solid break of $5.88 to confirm.
Target: 6.32 in the short term
What I'm seeing: it broke out as expected. Looking for some sustained higher volume. Looking for the RS to turn up. It has been running flat for while.
I am new to trading VCP patterns. Just trying to document as I learn. Would appreciate feedback from those that are experienced trading Mark Minervini VCP.
This has a beautiful chart. Easy to read unlike a lot of junk on the market now. I don't know anything about this company, I just look at the chart and see growth ahead.
short to $2.29/long to $7.28
