Slack printed a V-bottom and is now looking like a double right-shoulder H&S. Newly printed 200 EMA (red here) is looking to crossed by the 55 EMA (orange) for a golden cross. We see stochs bouncing in the neutral area and now moving into the bullish control zone, and a similar pattern playing out on RSI. Not much historical price action, so not a ton of resistance up above once we break past ~31 (the 618 fib from ultimate high to ultimate low). Small resistances at 35 (786 fib)/38 (886 fib, 1.618 fib from low to now) that I'll use for profit-taking. Measured move is technically to ~45, but hard to feel confident given the lack of historical data. I will use these profit-taking spots, leave the rest open, and then just monitor. Once I've hit the two targets, I'll move my stop into profit (exact spot I'll decide later once we get more data).
Comment:
Dip here looks like a retest of the prior liquid zone around the neckline. If we start seeing daily closes below 29, then I will probably start phasing out of my long.
Trade active:
Target 1 hit at $35. Moving stop into profit just below the last spike low (~30.3)
Trade active:
Target 2 hit. Now just going to ride this out a bit until we get more data and/or we set in a formation that looks top-like.