This is one worth keeping an eye on. Two reasons: 1. If it breaks out of this ascending triangle it could have a nice 20 point move according to the height of the triangle. 2. This stock is hovering at just above the century mark of $100. Many people believe that a stock that climbs beyond this mark has a tendency to stay above it. Your exit here is clearly defined making it a pretty low risk entry on this stock.
Anyone see it differently?
2 comments:
I see it as an ascending triangle also, but in the short-term as a double top and dropping down to around the 95 area in the next few days to meet the lower support trendline. After which point it'll resume it's uptrend if it doesn't break the support at 95. I would buy it after it drops and shows sign of resuming it's way back up when it hits 95.
That way you can keep on riding it if it does decide to breakout and have a nice profit cushion when it breaks out vs. those waiting for the typical breakout to occur before entering.
Reno,
You may be right about the double top, especially with the fact that the market may pull back. That will be a better entry next week anyway. Thanks for your input.
Rich
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