APPN forming a pennant; possible breakout soon

APPN is forming a pennant, which is considered a continuation pattern. Volume has weakened throughout the pennant, which is in line with the formation. If there is a breakout to the upside, the move should be at least 1/2 the length of the flagpole, which means we would probably revisit ATH. This doesn't need to happen overnight (and doesn't need to happen at all although the bias is continuation of the previous trend) so we should monitor the price from here. Also, the last touch on the pennant lower line conicided with the .5 fib retracement level, which provided extra support. I have a position in APPN and am looking to add more at these levels with a tight stop loss below the lower line of the pennant.

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***THE IDEAS SHARED HERE ARE MY OPINION. THIS IS NOT FINANCIAL ADVISE TO PLACE TRADES. PLEASE DO YOUR OWN RESEARCH AND ANALYSIS BEFORE BUYING/SELLING STOCKS.***

Yorum:

Breakout happening now. Throwbacks are not out of question so watch closely: