Another typical example of a stock breaking up (into a new uptrend) after forming a base:
1. Broke out of the neckline and did a classic retest of this neckline a few days later, affirming the neckline as the new support
2. trading above it's 200 day moving average
3. Golden cross for additional confirmation that the stock is in "recovery"
Recent volume was not exceptional though, hence how far the stock could rise remains to be seen. Initial stop loss just under 131 (below most recent pivot low @ 131.35).
Watch out for earnings expected around 26 July. Might be prudent to take some profits off prior to earnings release.
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is (probably the most) important! Take care and Good Luck!
1. Broke out of the neckline and did a classic retest of this neckline a few days later, affirming the neckline as the new support
2. trading above it's 200 day moving average
3. Golden cross for additional confirmation that the stock is in "recovery"
Recent volume was not exceptional though, hence how far the stock could rise remains to be seen. Initial stop loss just under 131 (below most recent pivot low @ 131.35).
Watch out for earnings expected around 26 July. Might be prudent to take some profits off prior to earnings release.
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is (probably the most) important! Take care and Good Luck!