Weekly STOCH RSI triggered my interest in this one. Were siting nicely on top of the Weekly 200ma. The Daily has collected the MA;s and looking perky. Still have some room in the MACD for this leg. I'm treating the trade as a simple 382 - 618 trade for my RR from recent pull back. Because of this i will break the norm and manage the trade in thirds. Usual 1/3...
MA's are going my way. CCI crossing nicely. Breaking through resistance here. May be a little early with the entry, possibly another leg of correction. Targeting previous highs and 236. Usual practice for stop loss mgmt
Primary Target (short term): Ascending Triangle, confirmed (44%) PT = 3.99$ Secondary Target (Long term): Bullish Pennant, confirmed (107%) PT = 4.96$
We see a set of bullish hammers and stochastic turning from an oversold position. On top of that, there is a crossover of DI+ and DI- which may mean the market will trend upwards soon!