Target price hit at around $58 With Double Top Pattern
This is a follow up writing for my article published on January 6, 2021, with the title "Weekly Trade Ideas for the 11 Automobile Manufacturers" In that article, I wrote, "Trade Idea: Pullback retest low of around $51.17, and then breakout above $53.20, still too early to determine. It may become a double top pattern too."
On January 7, 2021, a bull gap today at the morning open and this stock rushed higher to close at $54.28 as of the market close of January 7, 2021. On January 8, 2021, another bull gap in the morning open at $57.76 and quickly rushed to a high of the day at $59.31. The stock closed at $58.92 based on the market close of January 8, 2021, per Yahoo Finance.
The charts above are available to compare the stock performance on January 7 & 8, 2021, to my first chart interpretation on January 6, 202.
Discussion
This concludes a go long trade 2 days pattern. That is around 15.41% of capital gain in 2 days. The stock of NIO Inc. with the symbol NIO also formed a double top pattern. This may be a go long continuation pattern or a bearish reversal pattern. That is for another discussion.
Thank you for reading!
Greenfield
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Disclosure: Charts and articles interpreted by Greenfield. A market idea by Greenfield Analysis LLC for educational purposes only. This is not a solicitation and not a recommendation. Greenfield Analysis LLC has no investment in any of the securities mentioned in the article, and no plan to initiate a trade in any of the securities mentioned. Greenfield does not receive any compensation for this writing. Investment involves substantial risk. You should consider carefully before making an investment and investment is at your own risk.
This is a follow up writing for my article published on January 6, 2021, with the title "Weekly Trade Ideas for the 11 Automobile Manufacturers" In that article, I wrote, "Trade Idea: Pullback retest low of around $51.17, and then breakout above $53.20, still too early to determine. It may become a double top pattern too."
On January 7, 2021, a bull gap today at the morning open and this stock rushed higher to close at $54.28 as of the market close of January 7, 2021. On January 8, 2021, another bull gap in the morning open at $57.76 and quickly rushed to a high of the day at $59.31. The stock closed at $58.92 based on the market close of January 8, 2021, per Yahoo Finance.
The charts above are available to compare the stock performance on January 7 & 8, 2021, to my first chart interpretation on January 6, 202.
Discussion
This concludes a go long trade 2 days pattern. That is around 15.41% of capital gain in 2 days. The stock of NIO Inc. with the symbol NIO also formed a double top pattern. This may be a go long continuation pattern or a bearish reversal pattern. That is for another discussion.
Thank you for reading!
Greenfield
Remember to click "Like" and "Follow!"
Disclosure: Charts and articles interpreted by Greenfield. A market idea by Greenfield Analysis LLC for educational purposes only. This is not a solicitation and not a recommendation. Greenfield Analysis LLC has no investment in any of the securities mentioned in the article, and no plan to initiate a trade in any of the securities mentioned. Greenfield does not receive any compensation for this writing. Investment involves substantial risk. You should consider carefully before making an investment and investment is at your own risk.
Trade closed: target reached