ADRO C&H + Wedge Breakout

22 mai 2020

Price has broken out of a wedge pattern that comprises the handle portion of the C+H. Consolidation in handle/wedge has occurred above an upward sloping 200 day SMA which had acted as resistance for 4+ years. MACD bullish cross occurred 5/21. It is a buy on a pullback to the breakout level around $3.15. Stock must stay above $3 for me to maintain a bullish bias. Price target of $5, I wouldn't settle for anything less than $4.30.

2 juin 2020

Note

Good example of technical analysis gone wrong. I did buy this at $3.3, and sold same day in the $3.2s. The reaction off the wedge post breakout was very weak.