zac_destroys_all

IVR Symmetrical triangle

Long
NYSE:IVR   INVESCO MORTGAGE CAPITAL INC
IVR has been beaten down due to it's performance during the pandemic and may never see it's old all time high again. It's not all bad news however as the stock has run up quite a bit since falling and has formed a symmetrical triangle. This symmetrical triangle has broken out to the upside recently. My price target for this formation is 5.10USD. The measured move is based on the local high at 4.60 to the bottom of the first impulsive sell off at 3.51. My entry for this trade is at 4.06USD, I already entered this trade today. There could be a retest of the descending trendline that could provide a good entry under 4 dollars as well. My stop for this trade is at 3.71USD, which is just underneath the break up candle low from march 25th. This set up gives me a risk reward of 2.9 with a profit of 25%, not bad. The only thing That is not great is there has not been a increase of volume since the breakout, however that is normal for penny stocks in my opinion. Let me know what you think of this trade in the comments.
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