PRECWIRE - WEEKLY CHART ANALYSIS
After a cup with handle breakout the stock went into a consolidation of 13weeks.
Today we experienced high IV and stock firing up 6% intraday. A low cheat entry triggered for me today so took an entry while closing hours.
96 is the the crucial level to watch for. A weekly close above it would confirm an upward bias move.
Stock is trading above all key moving averages.
As per the trend based fib probable target levels are 117 - 138 - 165.
A weekly close below the 75 would invalid this view. This should be considered as a Stoploss.
Disclaimer: This is just an analysis and not a buy/sell recommendation. If you intend to trade this counter then do your own due diligence and trade at your own risk.
Today we experienced high IV and stock firing up 6% intraday. A low cheat entry triggered for me today so took an entry while closing hours.
96 is the the crucial level to watch for. A weekly close above it would confirm an upward bias move.
Stock is trading above all key moving averages.
As per the trend based fib probable target levels are 117 - 138 - 165.
A weekly close below the 75 would invalid this view. This should be considered as a Stoploss.
Disclaimer: This is just an analysis and not a buy/sell recommendation. If you intend to trade this counter then do your own due diligence and trade at your own risk.
Comment:
All targets are achieved except the last one.
After consolidating for 16 weeks and 24% range it has again broke the base.
106 will be the main support and 118-121 shall act as initial support for now.
165 - 244 - 323 are the levels that can be tested over the long term.
After consolidating for 16 weeks and 24% range it has again broke the base.
106 will be the main support and 118-121 shall act as initial support for now.
165 - 244 - 323 are the levels that can be tested over the long term.
Both targets achieved in 3rd and 4th Week
95.70 —» 117 -->> 138, High made of 141.