Multi-year Breakout in Supreme Industries
This is about positional trade opportunity (monthly or weekly) in Supreme Industries (a leader in plastic products sector).
As can be seen in monthly or weekly charts, 1476 level is acting as a multi-year resistance and the stock price has again come near that level. It has tested that level multiple times, hence chances of its breaking are high.
If the stock price breaks that level with volume (preferably in monthly time-frame), stock may show some really good up-move in coming weeks.
Trading Strategy would be to enter above the high of the monthly candle that breaks & closes above that resistance level and SL can be take accordingly (either below the low of the breakout candle or below the recent swing support).
Another strategy to enter the stock (if the breakout candle goes too high so that entering at that high would give bad Risk:Reward) would be to wait for retesting of the 1476 level and enter at the signs of reversal (upwards). Since it would be a multi-year breakout, if it breaks that level, it should retest that level in sometime shortly.
Target of this stock can be anywhere near 30% to 50% of up-move on that timeframe.
This is purely as per the study of weekly and monthly chart study of the stock and technical analysis.
As can be seen in monthly or weekly charts, 1476 level is acting as a multi-year resistance and the stock price has again come near that level. It has tested that level multiple times, hence chances of its breaking are high.
If the stock price breaks that level with volume (preferably in monthly time-frame), stock may show some really good up-move in coming weeks.
Trading Strategy would be to enter above the high of the monthly candle that breaks & closes above that resistance level and SL can be take accordingly (either below the low of the breakout candle or below the recent swing support).
Another strategy to enter the stock (if the breakout candle goes too high so that entering at that high would give bad Risk:Reward) would be to wait for retesting of the 1476 level and enter at the signs of reversal (upwards). Since it would be a multi-year breakout, if it breaks that level, it should retest that level in sometime shortly.
Target of this stock can be anywhere near 30% to 50% of up-move on that timeframe.
This is purely as per the study of weekly and monthly chart study of the stock and technical analysis.
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