SNGP displays a promising bullish reversal pattern characterized by the formation of an ADAM and EVE pattern. Our plan entails accumulating the stock within the designated buy back zone (64-65.50 range), while setting stop loss orders below the bottom of EVE to manage risk effectively.
Anticipation builds for a substantial surge in momentum upon the breakout from the neckline, anticipated around the 69.10 area. To guide our trading decisions, we've delineated two distinct targets: an immediate target around 72 and a final target for exiting the trade will be around 75.90.
It is paramount to approach trading with caution and adhere to sound money management principles. Your insights and perspectives on SNGP are encouraged.
Anticipation builds for a substantial surge in momentum upon the breakout from the neckline, anticipated around the 69.10 area. To guide our trading decisions, we've delineated two distinct targets: an immediate target around 72 and a final target for exiting the trade will be around 75.90.
It is paramount to approach trading with caution and adhere to sound money management principles. Your insights and perspectives on SNGP are encouraged.
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Update on SNGP: After achieving second target of 72 it is testing support level of 69.10 which was our first target. This level is acting as support. Pull back is expected from this level and in short term it can again test 72 target and upon break out final target will be 75.90
Neckline is always considered as resistance and if the pattern breaks out and retests to make support only then this pattern will be valid.
Upon break out only then we can expected to hit its both the targets.