BUY ECHO on pullback

20 thg 8, 2018

ECHO has a zacks rank of 1 (strong buy). It pulled back to the 61.8 Fibonacci retracement level on the wick of a bullish candle. It is also consolidating around this price level. it has also closed above the 20sma.There is definitely some historical resistance overhead, however, I believe it can break above this level due to the fact that earnings have been doing well over the past couple quarters. It has experience a strong reversal and has a lot of potential. although this may be true, there is always a possibility of things not going our way so I will continue to move my stop loss up.