TIL: Text-Book Wyckoff Accumulation

This stock is a perfect candidate for those wanting to study Wyckoff methodology. Price has cleared the inside-channel line and has to clear the upper / bigger trend channel.

Chances are that we might test the lower end of the trading range, marked in green box. Such a move may offer a nice buying opportunity, provided our assumption of Accumulation is valid. On the contrary, a breakout above recent highs would indicate that the Mark up phase is underway.

Plan your trade and position size based on your risk parameters.
Comment: Price action has been very positive thus far. A breakout past the top red downsloping line and the magenta horizontal line will be a major sign of strength. Watch this stock. Could turn out to be a big mover.
Comment: The failure near the upper Magenta line is not a positive sign. Until the high is taken out, there would be a strong case for a sideways to lower trend in the stock.

The swing low of 289 is a key level to watch. A close below this level would strengthen the case for an upthrust and a slide to the lower end of the trading range.