Several set ups on daily chart that I'm following for break out. Notes on chart for my thought process
SHORT. Head and shoulders - bearish adx macd rsi. first resistance @200MA second target full HS pattern at @25
Daily chart is looking good.
Yesterday's earnings report is a huge difference from the past 2 quarters and the last time this company had an earnings report like that, it was trading in the $30 price range. For this pattern though, the target price is $15.45. thepatternsite.com
After a steep decline at the end of 2014 shares of Daqo New Energy Corp. managed to retrace above the strong USD 23.65 level. While reversing at the bottom there was something of a head and shoulders pattern, with the boundary at USD 29.15. The stock fell to an intermin support level of USD 28.50 where it could venture to break out of the pattern. It makes sense...
Another close over the down trend while staying over the 50fib