THE FIRST GREEN CANDLE STICK BROKE OUT OF ITS RESISTANCE (SEE BULLISH FLAG). SEEMS TO ME THAT THIS STOCK MIGHT BE READY FOR ANOTHER RUN UP. THIS IDEA IS FURTHER BACKED BY THE FACT THAT THE GRAPH ALREADY BOUNCED OFF THE 50.0% FIBONACCI SUPPORT LEVEL AND IS HEADED TOWARDS MY TARGETED PROFIT AREAS OF 88.6%, 100.0%, AND 128.0%.
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Ayohan
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Nice work. Was looking at this stock, do you think it is a good entry point now, or wait for it around 5.20
It seems to me that the stock is due for a reversal to the downside. It might still go a bit more but overall I would be cautious on going long on this stock.
If price does retrace back around the $5.20 you might be able to catch a small bounce towards around the 6.00 mark- kinda risky in my opinion.
In short, if you are planing on entering this trade I would wait for a bounce around the 5.20 mark and keep a tight stop loss. (I attached a picture backing my reasoning using trend line structure and EMA analysis)
Let me know what you think.
Ayohan
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@jsalinas8, Thanks. I really appreciate your analysis. I am not really planning to day-trade it, but for a potential long hold for a buy out by Apple.