Request by Nas905: SPR looking to go higher!
SPR has broke out of the $41 resistance and is looking to go towards the $55-$60 resistance.
There's an inverted head & shoulders pattern on the daily chart (granted! this is not how h&s/ inverted h&s are being interpreted but per my observation, it seems to be equally effective as well), with a weak right shoulder..which is a very good sign of a strong break out. Break out it did!
The retracement didn't reach the neck line/ support and it continue with the up trend! With this, it seems to suggest there's a lot of momentum to push price to reach $55 as target profit 1.
For SPR to reach target profit 2 $60 level, we should expect some pullback. We will evaluate again, if & when, the pullback happens.
If you're looking to buy now, then you need to be really careful because setting the stop loss will not be easy or you will have to accept not so favourable risk-to-reward. You can use the 20MA as a guide.
Disclaimer: I'm not giving any trading and/or investment advice. Just sharing my personal chart observations.
If you have any symbol that you'd like me to analyze, feel free to drop me a comment.
Thanks!
There's an inverted head & shoulders pattern on the daily chart (granted! this is not how h&s/ inverted h&s are being interpreted but per my observation, it seems to be equally effective as well), with a weak right shoulder..which is a very good sign of a strong break out. Break out it did!
The retracement didn't reach the neck line/ support and it continue with the up trend! With this, it seems to suggest there's a lot of momentum to push price to reach $55 as target profit 1.
For SPR to reach target profit 2 $60 level, we should expect some pullback. We will evaluate again, if & when, the pullback happens.
If you're looking to buy now, then you need to be really careful because setting the stop loss will not be easy or you will have to accept not so favourable risk-to-reward. You can use the 20MA as a guide.
Disclaimer: I'm not giving any trading and/or investment advice. Just sharing my personal chart observations.
If you have any symbol that you'd like me to analyze, feel free to drop me a comment.
Thanks!
Comment:
Price still inching up. Good sign!
Comment:
about $1.50 away from hitting target profit 1.
If today ends up a doji, then chances are this move is done.
If today ends up a doji, then chances are this move is done.
Trade closed manually:
There's actually a strong resistance dating back to 2015. And in 2017, price actually bounced off $53 area.
No surprised then it reversed today.
SPR might still go higher longer term, but for this trade, it will be closed manually.
No surprised then it reversed today.
SPR might still go higher longer term, but for this trade, it will be closed manually.
Looks to retrace back to support i.e. $40 level