NASDAQ:WIX 1- Currently in wave 4 of minor 5 of intermediate 5. 2- Support at 38% FIb retracement. 3- Bullish Candlestick Pattern. 4- Stochastic Oversold Buy at current market price SL: 67.43 TP: 88.00
WIX Bullish breakout of pennant pattern after month long consolidation.
Half position size on reversal candle in a down market. Tight stop due to increase in market volatility.
Volume came in strongly on Friday. Let's see if it can clear the previous high.
Should have entered awhile ago, but looking at the 1 year chart all systems are strong in this stock at the moment. With good daily volume for liquidity, all moving averages pointing up, and the price in a sustained uptrend looking for an entry at these levels is acceptable. I'd place a stop at $36 if being aggressive, but $30 would be safer if the gap fills.