Stock in radar #8
https://www.tradingview.com/x/QCQYFzIr/
In weekly timeframe, stock forming a bullish pennant pattern. Stock bouncing from 50EMA and RSI is at 59, which is about to cross 60. The stock was seen with good volume in previous couple of months. The first concern is that even if RSI crosses 60, it is important to wait and should be bought only after retest confirmation. This is to avoid trap of fake breakouts. The second concern is that if you are buying this stock, then keep in mind the liquidity risk because the stock is not that liquid as compared to other stocks.
In weekly timeframe, stock forming a bullish pennant pattern. Stock bouncing from 50EMA and RSI is at 59, which is about to cross 60. The stock was seen with good volume in previous couple of months. The first concern is that even if RSI crosses 60, it is important to wait and should be bought only after retest confirmation. This is to avoid trap of fake breakouts. The second concern is that if you are buying this stock, then keep in mind the liquidity risk because the stock is not that liquid as compared to other stocks.
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