With the recent deep retrace, this presents a long setup opportunity with favorable risk/reward.
Using the recent 621 low as a stop, 805 would be an initial measured move trade target. Assuming an entry close to today's closing price, this would be close to a 4:1 trade. We think there is potential to ~ 910, which would be closer to 6.5:1. Trade setup is invalidated below 620.79
Using the recent 621 low as a stop, 805 would be an initial measured move trade target. Assuming an entry close to today's closing price, this would be close to a 4:1 trade. We think there is potential to ~ 910, which would be closer to 6.5:1. Trade setup is invalidated below 620.79
Trade active:
Long idea still active, this week saw some upside follow through. Looking for continuation higher into next week.
Risk could be managed here by raising stop to break even or higher.
Risk could be managed here by raising stop to break even or higher.
Trade closed: target reached:
Measured price target reached today.
Trade closed: target reached:
910 target reached today. There is still possibility for more upside, but we expect to see more significant resistance between 989 and 1075 that could lead to a period of consolidation and retrace from the May low