Trade Idea-SRS (long)

Is SRS finally going to catch a break?

This has been theoretically one of my favorite trades considering the real estate market, but it just hasn't caught an updraft, that may be changing.

 On the daily chart, there's a huge bullish descending wedge, volume s correct for the pattern.

 The daily chart has also shown a significant positive divergence, especially recently.

 Here the hourly chart confirms the recent positive divergence.

 The more detailed 15 min chart shows a turn down from the range highs on distribution and a positive divergence in SRS.

Here's the first hurdle-resistance near $14.20. Note the swing trend classification of the last 3 days making higher highs/higher lows and today a 3.4% advance on increasing volume. If SRS can break out finally, the long term price pattern implied target is anywhere between $30 and as high as $60+

As a swing stop, you might consider the 60 min Trend Channel which has held all of the swing trends in SRS. The stop would be in the area of $13.60-that's not bad risk/reward. If SRS can perform, we'll have to widen the stop.