We fell back to the top of the trading range from 9th 26th June which may proof to be a good support as this level was the year high since begin of February until the outbreak on 27th June.
This former highs may turn into a good support now and it may be expected that we may try to overcome the all time high reached on the June ultimo.
Notes:
* Strong up trend on all time frames
* Good earnings track record QoQ with a few misses
* Basing for the past ~14 months
* Creating a cup and handle pattern on the weekly chart
* The handle pulled back to its 50 day line and used it as support
* It's now breaking out of the handle with higher than average volume on the weekly chart
* Offering an early...
The market has already entered a supply zone. Weekly TL is so close, and converging lines whisper us something. We would trade this stock on the short side when the formation breaks.
Key points
1) Descending wedge formation is a bullish setup
2) Break of wedge formation occurred on down market day
3) Accompanied with large positive and increasing volume
4) Consider fib retracement levels as potential profit targets for this set up
