I should have opened the long position 2 days earlier already. But after the spike at that day I expected a profit taking of the market first which did not take place. The higher opening today has confirmed the bullish sentiment and even higher prices may be expected now.
We are in a long lasting uptrend. The trend is healthy enough as it faces corrections regularly. After each rise of around 10 % we watch an almost complete Fibonacci retracement. When done the trend continues. I assume that this correction since the beginning of the past week will be no exception.
A curved Trendline can be observed on the daily chart for KBR
This allows for bullflag formation and further breakout above the curve
lets see if it breaks out on this timeframe
Notes:
* Very strong up trend since 2016
* Great earnings track record
* Basing for the past ~5 months
* Created a double bottom and is now approaching the top of the handle
* Recently bounced off of its 50 day line
* Offering a low risk entry
Technicals:
Sector: Industrials - Engineering & Construction
Relative Strength vs. Sector: 2.23
Relative Strength vs....
$KBR - displaying an ascending triangle pattern & HTF after surging +27% from its wedge breakout in feb.
range is tightening up over the past 3 weeks with the overall market weakness not reflected in this name.
strong growth in revenue numbers in both QoQ and YoY.
Buy (Entry Price) above the black line and exit (Stop Loss) below the red line. Can take profit at the suggested Target Price.
Entry Price: $53.58
Target Price: $54.98
Stop Loss: $51.23
KBR is positioned well in a variety of markets from aerospace to sustainable technology. As humanity begins to look beyond Earth, I believe KBR will be there to supply..
