Bullish Pennant formed out of a price correction that interrupted a 5-month uptrend. Positive COVID vaccine news will act in our favor.
Target price set at corridor resistance line bounce (May and Jun points).
Note that I have set a very tight stop loss (right below today's VWAP) because I have a few trades going on. However, given the upside, you might want to consider giving the Stop Loss a bit more breathing.
- Strong Uptrend
- RSI and STOCH well above 50
- MACD well above Signal
Suggested Entry $59.16
Suggested Stop Loss $57.65
Target price $76.36
Note that I tend to adjust stop losses in order to secure profits early and preserve capital. This means that the target price is going to be achieved as long as there are no strong pullbacks that trigger my new adjusted stop loss.
Target price set at corridor resistance line bounce (May and Jun points).
Note that I have set a very tight stop loss (right below today's VWAP) because I have a few trades going on. However, given the upside, you might want to consider giving the Stop Loss a bit more breathing.
- Strong Uptrend
- RSI and STOCH well above 50
- MACD well above Signal
Suggested Entry $59.16
Suggested Stop Loss $57.65
Target price $76.36
Note that I tend to adjust stop losses in order to secure profits early and preserve capital. This means that the target price is going to be achieved as long as there are no strong pullbacks that trigger my new adjusted stop loss.
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13.93% profit