• Pennant formation after a nice upward movement • It looks like the breakout from the formation is near • The breakout should be supported by high trading volume • Price target at USD 18.37 • Price target near the gap resistance at USD 18.34/18.52 formed at the end of January and the 76.4% Fibonacci retracement • Let's see if there will be a breakout in the next...
Today's tutorial covers the topic of GAPS: ** what is a gap? ** - Gaps occur when a stock moves up (or down) significantly during pre- and postmarket hours, so that there is a major difference between closing and opening price. A lot of times this gap will get "filled" over time, which means that the market is often attracted by a gap. ** A gap up is filled...
MCK had a poor earnings report on October 30th but despite the falling price it still managed to hold the ascending channel. The stock price is right at the gap resistance level but with the stock trying to escape an oversold condition it looks to have a lot more room to rise. I would be aiming for the resistance line of the ascending channel but $147.20 is the...