Should find support right around here. If not, I'll probably average down but I'll update this idea if/when that happens. Would consider selling some shares (maybe half of my position) around the 200-mo. EMA, which is also currently close to the top of the channel. Plan on buying those shares back near the bottom of the channel but want to keep some shares long-term in case it breaks out of the channel.
Comment:
Edit - *50-mo. EMA*
Comment:
So far support is holding but it's honestly a bit discouraging how long it's spending near the bottom of the channel. In recent past it hasn't spent much time at all before moving sharply higher. This is a warning sign and makes me more confident in setting a tighter stop loss of a weekly close below the bottom of the channel.
Daily Chart
Weekly Chart
Daily Chart
Weekly Chart
Trade closed manually:
Stopped out for a minimal loss on a weekly close below the channel. I may re-enter if it sells off significantly from here otherwise I'm okay with sitting out. (This chart pattern of just over a year was much shorter than I typically like to trade on.)