PEN is on an upward trend as seen with the three sets of Higher Highs and Higher Lows.
We are in the midst of the 3rd "Higher Low" right now. It will likely fall somewhere around here, so right now is the perfect entry point.
I set a Stop Loss around $183.55 because this is the low point of the previous "Higher Low." If the price falls below this point, the upward trend will end and the pattern invalidated. When we begin progressing towards the target, I will move my Stop Loss to be breakeven.
I've used the previous bull runs as a measure for predicting this next one. They estimate the target to be around $310-$320 before there is a new "Higher Low." To be safe, I've placed my target at $297 (before the psychological resistance of $300).
I am unsure whether I will take some profits at $297 (and leave most of it in) or if I will take it all out. Theoretically, a surge past $300 could create an opportunity for an even bigger bull run, but if it rejects off of $300, it could potentially end the upward trend.
We are in the midst of the 3rd "Higher Low" right now. It will likely fall somewhere around here, so right now is the perfect entry point.
I set a Stop Loss around $183.55 because this is the low point of the previous "Higher Low." If the price falls below this point, the upward trend will end and the pattern invalidated. When we begin progressing towards the target, I will move my Stop Loss to be breakeven.
I've used the previous bull runs as a measure for predicting this next one. They estimate the target to be around $310-$320 before there is a new "Higher Low." To be safe, I've placed my target at $297 (before the psychological resistance of $300).
I am unsure whether I will take some profits at $297 (and leave most of it in) or if I will take it all out. Theoretically, a surge past $300 could create an opportunity for an even bigger bull run, but if it rejects off of $300, it could potentially end the upward trend.