CloudMD (DOC) about to break out.
I checked the fib retracements and @tsx_trader is bang on. Its forming a falling wedge and consolidating right into the zone and the momentum is turning around. It could bounce/consolidate around 2.38 and head back down to the 2 support level and make another run. That would be an optional place to scale in additional funds. with a SL at 1.90 the risk/reward is quite attractive.
The reasons why i think it won't bounce off 2.38 is because of the tailwind it has from the stay at home stocks. As the numbers climb they're coming back into favour and this is the canadian version. Expect it to break through 2.38 on the first attempt and the falling wedge and fib retracement levels (2.38, 2.59, 2.75, 2.91, 3.13, 3.41) will become support if it pulls back at all.
Any retracement back to any of those levels confirms the pattern on the first bounce off and that can serve as a place to scale in a final time.
Of course it could rip pretty quick at the same time with no real bounces to load up but one of the above scenarios is very likely. I'm 75% confident on this one, but that confidence would increase to 85% if it bounces off $2 one more time to fill up the wedge.
*edit*One final thing, the 13/30 (hourly) just crossed over today so this is one more thing playing in its favor to plow through that wedge. So my confirmation bias is at an all time high.
The reasons why i think it won't bounce off 2.38 is because of the tailwind it has from the stay at home stocks. As the numbers climb they're coming back into favour and this is the canadian version. Expect it to break through 2.38 on the first attempt and the falling wedge and fib retracement levels (2.38, 2.59, 2.75, 2.91, 3.13, 3.41) will become support if it pulls back at all.
Any retracement back to any of those levels confirms the pattern on the first bounce off and that can serve as a place to scale in a final time.
Of course it could rip pretty quick at the same time with no real bounces to load up but one of the above scenarios is very likely. I'm 75% confident on this one, but that confidence would increase to 85% if it bounces off $2 one more time to fill up the wedge.
*edit*One final thing, the 13/30 (hourly) just crossed over today so this is one more thing playing in its favor to plow through that wedge. So my confirmation bias is at an all time high.
Comment:
FYI the american symbol for this stock is DOCRF