This is another short term trade idea, I would probably play it with options (buy calls), you can define you risk that way as well.
The long term daily chart...
Here's a closer view of the 60 min chart, it appears a small base has formed here.
Off that base we saw a move up and a bullish consolidation pattern, as usual these can be candidates for a shakeout, but it's a fairly small triangle.
With the 60 min trend channel, a stop could be placed o a closing basis around $27-$27.25 or so.
This channel held a month of the downtrend.
On a 15 min chart there appears to be accumulation right in the small base area.
The same for the 5 min chart...
The 1 min chart looks like it wants to move soon.
I don't see this as a long lasting trade, but using some call as a speculative trade, it may generate some decent gains quickly.
No comments:
Post a Comment