I like the short-term price action on this one. Looking at the 4hr chart, I see that a trading range has developed. The trading range shows higher lows and higher highs. That is the foundation of an uptrend. Within that uptrend on the 10min chart, I see that an ascending triangle is formed. Ascending triangles are characterized by flat tops and rising lows. It shows that buyers are getting more aggressive and sellers remain stagnant. Eventually, the buyers should surpass the sellers. A break of the ascending triangle gives me confidence that the uptrend will continue to the upper end of the range. There has also been a heavy amount of call option buying and put option writing which suggests that institutions may want to take this higher as well. I am watching the following levels closely...
Entry above 42
Stop below 40
Target1 44
Target2 47
Entry above 42
Stop below 40
Target1 44
Target2 47
Trade closed: target reached:
Target 1 was reached today after a dip in the market. Very nearly stopped out on this one.