Based on the drawn parallel red lines, this stock's channel is going sideways. I am thinking this is its distribution/accumulation phase(not enough data to determine).
However, that would not be the strategy that I would use. After analyzing it, I can say that I can earn a profit of $0.75 to $1.0 per share during this sideways channel.
It has tested both the resistance and the support lines twice. On the third time it touches the support line, I will wait for the bullish candle before I enter.
However, that would not be the strategy that I would use. After analyzing it, I can say that I can earn a profit of $0.75 to $1.0 per share during this sideways channel.
It has tested both the resistance and the support lines twice. On the third time it touches the support line, I will wait for the bullish candle before I enter.