- Strong support at $23.72
- After passing $23.72 support with a 3-4 day confirmation A long position should be taken.
- Next lowest support is at $21.79, and the average true range (ATR, 14) shows a $0.64 variation in price.
- Initial Stop Loss at $21.15, taking into account the lower support and the ATR value.
Summary of Setup:
Entry: $23.72
Stop Loss: $21.15
Possible Selling Points:
- $34.37 with a gain of ~%42 (if the stock hits the $35.17 resistance and bounces down)
- $37.65 with a gain of ~%57 (if the stock passes the next major resistance, this would be the resistance after that.) Sell at ATR value bounce down.