$TEUM - Early Entry for Long (Time is still needed to develop)

Aug 21, 2018

TEUM has been forming an ascending triangle over a longer time period. It isn't pretty, but is forming higher lows. I started a position at 2.55, but am understanding this could come down to 2.45 still. I would look averaging down around 2.45 if support is forming strong. 2.40 is my mental stop loss. MACD is about to cross back to bullish. This needs to break 2.65 for next leg up. I will look at taking initial profit when approaching 2.75 resistance. A break of 2.75 should easily run back to the strong 3.00 resistance. Every run up has broken 3.00 range but always falls soon after, so I expect a similar pattern. This trade may still take another week or so to develop, but didn't want to miss entry while close to ascending triangle support.