SGH using IPO base resistance as support!
* Great accelerating earnings
* Breaking out of its IPO base
* High 3-month relative strength in the Tech sector
* Using the broken resistance of the IPO base as support
* Formed a cup and handle pattern
* Holding up really well even in a correction
* Has been consolidating right above broken resistance for the past 4 weeks.
* Maximum probable ROI is ~41%
* Depth of the base is at ~70%
* Has been forming the base since 2018 so ~70% move up isn't unlikely
Trade Idea:
* Given the nature of the current market and if you don't mind a little volatility, now would be a great time to enter as it's constructing a new support around the $56.69 area.
* If you're looking for a slight discount you can look for an entry around the $56.69 area given it's acting as support
Caution:
* A daily close below $56.69 would negate the idea.
* Given the market conditions and your risk tolerance use your judgement as to where you should enter.
* A daily close below $56.69 could have the price around $53.73
* Breaking out of its IPO base
* High 3-month relative strength in the Tech sector
* Using the broken resistance of the IPO base as support
* Formed a cup and handle pattern
* Holding up really well even in a correction
* Has been consolidating right above broken resistance for the past 4 weeks.
* Maximum probable ROI is ~41%
* Depth of the base is at ~70%
* Has been forming the base since 2018 so ~70% move up isn't unlikely
Trade Idea:
* Given the nature of the current market and if you don't mind a little volatility, now would be a great time to enter as it's constructing a new support around the $56.69 area.
* If you're looking for a slight discount you can look for an entry around the $56.69 area given it's acting as support
Caution:
* A daily close below $56.69 would negate the idea.
* Given the market conditions and your risk tolerance use your judgement as to where you should enter.
* A daily close below $56.69 could have the price around $53.73
Entry: $58.60
Stop: $56.10
Target: $64.85