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Basingpattern

DUOL - buy the dipsDUOL broke out of a base formation neckline @ 114 strongly on 2nd March this year and then did a classic retest of the neckline on 13 March, affirming that the neckline @ 114 has now become support. It then went on to hit a high of 147 before retracing all the way back down 116.82 (triggering a trailing stop loss @ 130). A bullish morning star pattern than formed on 5th May and a re-entry was triggered on 6th May. However with earnings reporting on 9th May, one has to decide whether it was worthwhile to take the risk to long here. With the stock already dipping 20% from it's high of 147, the odds of an earnings surprise to the upside could be higher. Nevertheless, risking no more than just a small position (before earnings) seemed prudent. Now that earnings is out of the way (upside surprise), there is a chance it could break it's last recent high of 147 in the near term. On the bigger picture, the stock is now on an uptrend and there is room to rise in the coming months. However market could continue to be volatile hence it could be less risky to buy any near term dips rather than to chase breakouts. Learning to manage a position in such volatile conditions is paramount. I would still place trailing stops and am prepared to get stopped out but re-enter at the next bullish trigger, but only if the chart still looks bullish on the bigger picture. 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 important! Take care and Good Luck!
NASDAQ:DUOLLong
by Juliac
$GPC looking to break out of its base! Notes: * Very strong up trend on all time frames * Great earnings in the recent quarters * Coming up on the right side of its ~7 month base with higher than average volume * Creating an ascending triangle pattern (bullish) * Printed a pocket pivot Technicals: Sector: Consumer Cyclical - Specialty Retail Relative Strength vs. Sector: 1.23 Relative Strength vs. SP500: 1.34 U/D Ratio: 1.34 Base Depth: 21.15% Distance from breakout buy point: -3.31% Volume 14.28% above its 15 day avg. Trade Idea: * You can enter now as the price is just above its 50 day line and the price printed a pocket pivot * If you're looking for a better entry you can look for one around the ~135.50 area * This stock usually has local tops when the price closes around 9.65% above its 50 EMA * Consider selling into strength if the price closes 9.45% to 9.85% (or higher) above the 50 EMA... * The last closing price is 2.6% away from its 50 EMA
NYSE:GPCLong
by HaseebKhan_90
$CPRX coming up on the right side of its base!Notes: * Strong up trend * Not the best earnings * Tested historical resistance of $6.17 around mid June * Broke and retested historical resistance of $7.43 just recently * Printed a pocket pivot and is still relatively close to its 50 day line * The Healthcare sector is doing relatively well compared to others Technicals: Sector: Healthcare - Biotechnology Relative Strength vs. Sector: 1.77 Relative Strength vs. SP500: 1.41 U/D Ratio: 1.59 Base Depth: 38.68% Distance from breakout buy point: -10.42% Volume 62.59% above its 15 day avg. Trade Idea: * You can enter now as the price is still close to its 50 day line and the price is just bouncing off of historical resistance with higher than average volume. * If you're looking for a better entry you can look for one around the $7.62 area * This stock usually has local tops when the price closes around 21.31% above its 50 EMA * Consider selling into strength if the price closes 21.11% to 21.51% (or higher) above its 50 EMA * The last closing price is 8.25% away from its 50 EMA
NASDAQ:CPRXLong
by HaseebKhan_90
$XENE showing signs of going higher after a long consolidation!Notes: * Strong up trend * Okay earnings track record * Consolidating for the past ~9months * Bouncing from its 50 day line with bullish momentum Technicals: Sector: Healthcare - Biotechnology Relative Strength vs. Sector: 1.73 Relative Strength vs. SP500: 1.32 U/D Ratio: 1.97 Base Depth: 36.27% Distance from breakout buy point: -1.16% Volume 19.91% above its 15 day avg. Trade Idea: * You can enter now as the price is still close to the 50 day line * If you're looking for a better entry you can look for one around the $32.76 area as that seems to be a pivot * This stock usually has local tops when the price closes around 33.16% above its 50 EMA * Consider selling into strength if the price closes 32.96% to 33.36% (or higher) above its 50 EMA * The last closing price is 10.55% away from its 50 EMA
NASDAQ:XENELong
by HaseebKhan_90
Is $NVO ready to push higher on the right side of its base?Notes: * Very strong up trend on all time frames * Great earnings * Pays out dividends * Forming a base for the past ~8 months * Testing the 50 day line as support for the past 4 sessions * Bouncing off the 50 day line with higher than average volume and printed a pocket pivot Technicals: Sector: Healthcare - Drug Manufacturers - General Relative Strength vs. Sector: 1.62 Relative Strength vs. SP500: 1.24 U/D Ratio: 1.02 Base Depth: 18.33% Distance from breakout buy point: -8.94% Volume 44.56% above its 15 day avg. Trade Idea: * You can enter now as the price is just bouncing off of its 50 day line with tonnes of volume * If you're looking for a better entry you might find one around the 110.5 area * This stock usually has local tops when the price closes around 14.27% above its 50 EMA * Consider selling into strength if the price closes 14.07% to 14.47% (or higher) above its 50 EMA * The last closing price is 1.57% away from its 50 EMA
NYSE:NVOLong
by HaseebKhan_90
Potential Basing Pattern in Asensus SurgicalMy other interpretation is slightly less bullish but still has upside to around $20. This also could be a countertrend interruption to the long term bearish price action which would lead to the stock getting delisted. I see a lot of opportunity here and if this basing pattern holds profits will be insane, but it's definitely a lotto play. There's potential for a bounce off of the 50% retracement, but that's not very likely so I'll wait to buy any significant amount of this one. The call chain is particularly attractive should this play out with prices for ATM and NTM calls for the next several months ranging from $5 - $35 per contract.
A
by EricIker
5
WY offering a Pocket Pivot setup!* Good earnings * Very strong up trend * High 3 month relative strength in the Real Estate industry * In a constructive basing pattern for the past 7 months that's rounding out * Stable volume with increasing price * Pocket pivot occurred on the right side of the basing pattern. Trade Idea: * You can enter now as indicated if you don't mind a little volatility * Or if you're looking for a slight discount you can look for buying opportunities near the $36.47 area Note: Pocket pivots offer an early entry prior to breakouts. The volume indicates institutional interest.
NYSE:WYLong
by HaseebKhan_90