Hyphens Pharma-bigger trend in the making? (warning:speculative)
Let me qualify myself first. This is a penny stock and highly volatile, hence do not take this trade if you cannot take the volatility.
This stock has the hall mark for a stock in the beginnings of a bullish trend: a base formation that lasted 2 years and now finally breaking above the 0.305 long term resistence strongly on 28 May, hit high @ 0.38 before violently giving way to profit taking. However during the violent fall, it stopped short @ 0.305.A break out of base formation and then a retest of the break out level - classic opportunity to enter near this level with initial stop just below 0.305 (we are talking about a 9-10% Stop loss when entered at this level hence be mindful and do not take undue risk with oversized positions). Volume is still not as high as I would like hence possibility of failure is there. Play it safe and not for the faint hearted!
Initial profit @ 0.39 (retest of recent hi) with potential to go higher eventually (trailing stops). Let's see if it works out
Disclaimer: This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance. Thank you.
This stock has the hall mark for a stock in the beginnings of a bullish trend: a base formation that lasted 2 years and now finally breaking above the 0.305 long term resistence strongly on 28 May, hit high @ 0.38 before violently giving way to profit taking. However during the violent fall, it stopped short @ 0.305.A break out of base formation and then a retest of the break out level - classic opportunity to enter near this level with initial stop just below 0.305 (we are talking about a 9-10% Stop loss when entered at this level hence be mindful and do not take undue risk with oversized positions). Volume is still not as high as I would like hence possibility of failure is there. Play it safe and not for the faint hearted!
Initial profit @ 0.39 (retest of recent hi) with potential to go higher eventually (trailing stops). Let's see if it works out
Disclaimer: This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance. Thank you.
Comment:
Took much longer than I expected and it finally broke up decisively today! However, I will be watching it closely and trailing my stops up daily.